HomeMy WebLinkAbout4.1 Annual Report of the Audit Committee and Acceptance of Annual Comprehensive Financial Report (ACFR) For The Year Ended On December 31, 2021Mr�GauC �'d'+rt;�iect
Subject Annual Report ofthe Audit Committee and
Acceptance ofAnnualComprehensive Financial
Report (ACFR) For The Year Ended On December
31j, 2021.
Meeting July 19, 2022 - REGULAR MEETING OF THE MOUNT
PROSPECT VILLAGE BOARD -
Fiscal Impact
Dollar Amount
Budget source
Category MAYORS•
Type Action Item
Information
The Audit Committee has prepared its annual report to the Village Board on
Committee activities for the past year. A primary function of the Audit Committee
is to provide oversight on the annual audit process. The Audit process for the year
2021 has been concluded. The report of the Audit Committee, along with Annual
Comprehensive Financial Report (ACFR) is provided to the Village Board for review
and final acceptance. The Audit Committee Chair and staff will be on hand to
present the information and answer questions on the recently concluded audit
process for the year 2021.
Please follow the link to View 2021 ACFR - Click Here
The major highlights of the 2021 Audit are:
a) The audit firm of Lauterbach & Amen, LLP performed the Village's external
audit. This audit marked the second year of a five-year engagement with the
Village.
b) For the year 2021, the independent audit firm Lauterbach & Amen, LLP has
issued a clean and unqualified opinion (highest possible) on the financial
statements. Per the audit report, the financial statements are free from any
1
material misstatement, and it fairly represents the financial condition of the
Village. The financial statements are prepared in accordance with the generally
accepted accounting principals and standards issued by the Government
Accounting Standard Board.
c) The General Fund Reserves are $34.8 million, of which $30.8 million is
unrestricted. The Village's General Fund reported remarkable growth in the
Intergovernmental Revenues. The sales tax, income tax, use tax, ambulance
billing fees and a few other outperforming revenues allowed the Village to add
$8.6 million in the overall reserves of the General Fund. All the Village
Departments performed within their approved budgetary constraints and were
reported under -budget.
d) The overall Governmental Activity Fund Balance is $51.5 million, of which $30.8
million is unrestricted.
e) The overall Business Type activity Fund Balance is $45.5 million, of which $29.7
million is invested in capital assets and infrastructures.
f) Police and Fire Pension Funds are showing the funded ratio of 68.0 percent and
32% unfunded liability totals at $40.0 million for Fire and $45.2 million for Police.
g) The Management Letter communicates if there are any material weaknesses in
the internal controls, and the auditor has identified none.
h) There are two new recommendation on the Management Letters. During the
year 2021, the Business District Fund reported $83,245 in expenditures over the
approved budget. The Fund acts as an escrow account and based on the revenues
collected, incentives are shared. The Fund collected more revenues than originally
budgeted, which resulted in higher amount of incentive sharing. The sales tax
data from the State were not available in time and staff were not able to execute
final amendments before the final audit. The excessive expenditure over the
budget did not result in any financial loss or burden on the Village. Also, per the
current Fund Balance Policy, the Flood Control Construction Fund should have a
minimum fund balance of $810,102. Instead, the fund balance is $8,120. The
Administration acknowledged the comment. There is no dedicated funding source
for the Flood Control fund at this time. The currently allocated Home -Rule Sales
Tax is tied up in debt service obligations until 2033. Staff will work with the
Village Board and Finance Commission to establish a stable funding source, which
may allow the Village to meet the Fund Balance Policy requirements in the future.
i) The ACFR also included the Certificate of Achievement for Excellence in the
Financial Reporting received from GFOA for 2020 Audit. This marks 28th
2
consecutive year of the Village receiving this award. The Village has also
submitted the 2021.
Alternatives
1. Accept the annual report of the Audit Committee and Comprehensive Annual Financial
Report of the Village for the year ended on December 31, 2021.
2. Action at the discretion of Village Board.
Staff Recommendation
Accept the Annual Report of the Audit Committee and Annual Comprehensive
Financial Report (ACFR) for the year ended on December 31, 2021.
ATTACHMENTS:
Annual Report Audit Committee - 2021.pdf
Mount Prospect ACFR 1221.pdf
Mount Prospect SAS 114 1221.pdf
KI
.Village of Mount Prospect wntr p(
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
1
TO: VILLAGE PRESIDENT AND BOARD OF TRUSTEES
FROM: VINCENT GROCHOCINSKI, AUDIT COMMITTEE CHAIR
DATE: JULY 12, 2022
SUBJECT: ANNUAL REPORT OF AUDIT COMMITTEE — 2021
The audit for the fiscal year 2021 is complete and included as part of your materials for review and
acceptance. The audit firm of Lauterbach & Amen, LLP performed the Village's external audit. This audit
marked the second year of a five-year engagement with the Village.
The Audit Committee met on June 13, 2022, to discuss the 2021 audit report and findings. The meeting
agenda included discussing the results of the 2021 Annual Comprehensive Financial Report (ACFR),
Auditor Communication to the Village Board, and Management Letter comments as prepared by
Lauterbach & Amen.
Audit Committee activities included:
• At the June 13 meeting, the Audit Committee met with the Village staff and the Audit Partner in
charge of the audit, Matt Beran. A presentation on the 2021 audit was made by staff and Auditors.
Items discussed included the overall results of the audit, financial statement, audit opinion, and
management letter items.
The following are some of the significant items from the 2021 Audit.
• On page 12 of the Comprehensive Annual Financial Report, the firm expresses its opinion that the
financial statements present fairly in all respects the financial position for the year ended
December 31, 2021, in accordance with generally accepting accounting principles.
o While the actual statement at the top of the page is much more detailed, it is the key
statement from the audit firm demonstrating that they found no significant issues that
impact their overall determination on the accuracy of the Village's financial statements
and position.
o Other items and comments on Financials:
■ The General Fund Reserves are $34.8 million, of which $30.8 million is
unrestricted. The Village's General Fund reported remarkable growth in the
Intergovernmental Revenues. The sales tax, income tax, use tax, ambulance
billing fees and a few other outperforming revenues allowed the Village to add
$8.6 million in the overall reserves of the General Fund. All the Village
Departments performed within their approved budgetary constraints and were
reported under -budget.
■ The overall Governmental Activity Fund Balance is $51.5 million, of which $30.8
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Annual Report of Audit Committee — 2021 Activities
July 12, 2021
Page 2
million is unrestricted.
■ The overall Business Type activity Fund Balance is $45.5 million, of which $29.7
million is invested in capital assets and infrastructures.
■ Police and Fire Pension Funds are showing the funded ratio of 68.0 percent and
32% unfunded liability totals at $40.0 million for Fire and $45.2 million for Police.
• The Committee also reviewed the audit firm's Management Letter and Auditor Communication
to the Board that accompanied the audit report. The Management Letter communicates whether
there are any material weaknesses in internal control. The Auditor identified as below:
o The Business District Fund has an excess of actual expenditures over budget by $83,245.
■ The Administration acknowledged the comment and responded that due to a
delay in the sales tax data from the State, the Administration was not able to
execute the budget amendment before the audit. Since the overall performance
of the Randhurst Mall businesses was better than originally expected, it resulted
in a higher amount to be shared and resulted in excess of actual expenditure. The
Business District Fund acts as an escrow fund, and higher revenues resulted in
sharing of higher incentives/expenditures. The excess of expenditures over the
budget did not impact the overall financial health of the Village.
o Per the current Fund Balance Policy, the Flood Control Construction Fund should have a
minimum fund balance of $810,102. Instead, the fund balance is $8,120.
■ The Administration acknowledged the comment. There is no dedicated funding
source for the Flood Control fund at this time. The currently allocated Home -Rule
Sales Tax is tied up in debt service obligations until 2033. Staff will work with the
Village Board and Finance Commission to establish a stable funding source, which
may allow the Village to meet the Fund Balance Policy requirements in the future.
• Other information provided in the auditor communication for 2021 included future accounting
pronouncements. These future pronouncements are changes to accounting rules that may have
an impact on Village finances in the future. The major pronouncement is GASB 87 about leases
and will be implemented in the coming years.
• The final item we are highlighting from the Comprehensive Annual Financial Report is under the
first tab (Introduction). On page 9 is the Certificate of Achievement for Excellence in Financial
Reporting that the Village received for its 2020 report. This marks the 28th consecutive year the
Village has received this award. Application has been made to the Certificate program for the
fiscal year 2021. Notice of the 2021 award is expected in early 2023.
• The Auditor also commended the efforts carried out by the staff. They were impressed with the
amount of work performed ahead of their arrival. Each and every request was handled in a timely
manner, and overall, books are kept very neat and clean.
Please contact me should you have any questions or need additional information related to this report or
the Audit Committee activities.
Respectfully Submitted,
Vincent Grochocinski
5
VILLAGE OF MOUNT PROSPECT, ILLINOIS
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2021
Prepared by: Finance Department
Amit R. Thakkar
Director of Finance
Jennifer Fitzgerald
Assistant to the Director of Finance
7
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
INTRODUCTORY SECTION
PAGE
List of Principal Officials 1
Organizational Chart 2
Letter of Transmittal 3
Certificate of Achievement for Excellence in Financial Reporting 9
FINANCIAL SECTION
INDEPENDENT AUDITORS' REPORT 12
MANAGEMENT'S DISCUSSION AND ANALYSIS 16
BASIC FINANCIAL STATEMENTS
Government -Wide Financial Statements
Statement of Net Position
30
Statement of Activities
32
Fund Financial Statements
Balance Sheet - Governmental Funds
34
Reconciliation of Total Governmental Fund Balance to the
Statement of Net Position - Governmental Activities
36
Statement of Revenues, Expenditures and Changes in
Fund Balances - Governmental Funds
38
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances to the Statement of Activities - Governmental Activities
40
Statement of Net Position - Proprietary Funds
42
Statement of Revenues, Expenses, and Changes in Net Position - Proprietary Funds
44
Statement of Cash Flows - Proprietary
45
Statement of Fiduciary Net Position
46
Statement of Changes in Fiduciary Net Position
47
Notes to the Financial Statements
48
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Employer Contributions
Illinois Municipal Retirement Fund 105
Police Pension Fund 106
Firefighters' Pension Fund 107
0
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
PAGE
FINANCIAL SECTION - Continued
REQUIRED SUPPLEMENTARY INFORMATION - Continued
Schedule of Changes in the Employer's Net Pension Liability/(Asset)
Illinois Municipal Retirement Fund
108
Police Pension Fund
110
Firefighters' Pension Fund
112
Schedule of Investment Returns
Police Pension Fund
114
Firefighters' Pension Fund
115
Schedule of Changes in the Employer's Total OPEB Liability
126
Retiree Benefit Plan
116
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
143
General Fund
117
Prospect/Main TIF - Special Revenue Fund
118
OTHER SUPPLEMENTARY INFORMATION
Governmental Funds
Major Governmental Funds
General Fund
Schedule of Revenues - Budget and Actual
122
Schedule of Expenditures - Budget and Actual
125
Schedule of Detailed Expenditures - Budget and Actual
126
Debt Service Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
143
Police and Fire Building Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
144
Nonmajor Governmental Funds
Combining Balance Sheet
147
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
148
Nonmajor Special Revenue Funds
Combining Balance Sheet
150
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
152
Motor Fuel Tax - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 154
Schedule of Expenditures - Budget and Actual 155
Refuse Disposal - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 156
Schedule of Revenues - Budget and Actual 157
0
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
FINANCIAL SECTION - Continued
PAGE
OTHER SUPPLEMENTARY INFORMATION - Continued
Community Development Block Grant - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
158
Asset Seizure - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
159
Federal Equitable Share - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
160
DUI Fines - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
161
Foreign Fire Insurance - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
162
Business District - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
163
Nonmajor Capital Projects Funds
Combining Balance Sheet
164
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
165
Capital Improvement- Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
166
Schedule of Expenditures - Budget and Actual
167
Flood Control Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
168
Schedule of Expenditures - Budget and Actual
169
Street Improvement Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
170
Proprietary Funds
Enterprise Funds
Water and Sewer Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
173
Schedule of Operating Revenues
174
Schedule of Operating Expenses - Budget and Actual
175
Nonmajor Enterprise Funds
Combining Statement of Net Position
178
Combining Statement of Revenues, Expenses and Changes in Net Position
179
Combining Statement of Cash Flows
180
Parking System Revenue Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
181
Schedule of Operating Expenses - Budget and Actual
182
10
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
FINANCIAL SECTION - Continued
PAGE
OTHER SUPPLEMENTARY INFORMATION - Continued
Village Parking System Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
183
Schedule of Operating Expenses - Budget and Actual
184
Internal Service Funds
Combining Statement of Net Position
187
Combining Statement of Revenues, Expenses and Changes in Net Position
188
Combining Statement of Cash Flows
191
Computer Replacement Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
193
Schedule of Operating Expenses - Budget and Actual
194
Risk Management Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
195
Schedule of Operating Revenues
196
Schedule of Operating Expenses - Budget and Actual
197
Vehicle Replacement Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
198
Schedule of Operating Revenues
199
Schedule of Operating Expenses - Budget and Actual
200
Vehicle Maintenance Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
201
Schedule of Operating Revenues
202
Schedule of Operating Expenses - Budget and Actual
203
Fiduciary Funds
Pension Trust Funds
Combining Statement of Fiduciary Net Position
205
Combining Statement of Changes in Fiduciary Net Position
206
Consolidated Year -End Financial Report
207
SUPPLEMENTAL SCHEDULES
General Long -Term Debt
Long -Term Debt Payable by Governmental Funds 210
11
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
PAGE
FINANCIAL SECTION - Continued
SUPPLEMENTAL SCHEDULES - Continued
Long -Term Debt Requirements
General Obligation Bonds of 2012
212
General Obligation Bonds of 2013
213
General Obligation Bonds of 2014
214
General Obligation Refunding Bonds of 2016
215
General Obligation Refunding Bonds of 2016A
216
General Obligation Bonds of 2017
217
General Obligation Bonds of 2018A
218
General Obligation Bonds of 2018B
219
General Obligation Bonds of 2019A
220
General Obligation Bonds of 2019B
221
STATISTICAL SECTION (Unaudited)
Net Position by Component - Last Ten Fiscal Years
224
Changes in Net Position - Last Ten Fiscal Years
226
Fund Balances of Governmental Funds - Last Ten Fiscal Years
228
Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years
230
Assessed Value and Actual Value of Taxable Property - Last Ten Tax Levy Years
232
Direct and Overlapping Property Tax Rates - Last Ten Tax Levy Years
234
Principal Property Tax Payers - Current Fiscal Year and Nine Fiscal Years Ago
236
Property Tax Levies and Collections - Last Ten Fiscal Years
237
Sales Taxes by Category - Last Ten Fiscal Years
238
Business District Sales Taxes by Category - Last Ten Fiscal Years
240
Home Rule Sales Taxes by Category - Last Ten Fiscal Years
242
Direct and Overlapping Sales Tax Rates - Last Ten Fiscal Years
244
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years
245
Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years
246
Schedule of Direct and Overlapping Governmental Activities Debt
247
Schedule of Legal Debt Margin
248
Demographic and Economic Statistics - Last Ten Fiscal Years
249
Principal Employers - Current Fiscal Year and Nine Fiscal Years Ago
250
Full -Time Equivalent Employees by Function/Program - Last Ten Fiscal Years
252
Operating Indicators by Function/Program - Last Ten Fiscal Years
254
Capital Asset Statistics by Function/Program - Last Ten Fiscal Years
256
Additional Disclosures Required by SEC Rule 15c2-12
259
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INTRODUCTORY SECTION
This section includes miscellaneous data regarding the Village including:
• List of Principal Officials
• Organizational Chart
• Letter of Transmittal
• Certificate of Achievement for Excellence in Financial Reporting
13
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Principal Officials
December 31, 2021
Agostino S. Filippone
Terri Gens
John J. Matuszak
LEGISLATIVE
Mayor
Paul Wm. Hoefert
Trustees
Peggy Pissarreck
Richard F. Rogers
Colleen E. Saccotelli
ADMINISTRATION
Michael J. Cassady, Village Manager
Nellie S. Beckner, Assistant Village Manager
Karen Agoranos, Village Clerk
Amit R. Thakkar, Director of Finance/Treasurer
William J. Cooney, Jr., Director of Community Development
William M. Schroeder, Director of Building and Inspection Services
Julie K. Kane, Director of Human Services
Michael Eterno, Chief of Police
John Dolan, Fire Chief
Sean P. Dorsey, Director of Public Works
1 14
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Organizational Structure
15
MAYOR
Paul Wm. Hoefert
TRUSTEES
Agostino S. Filippone
Terri Gens
John J. Matuszak
Peggy Pissarreck
Richard F. Rogers
Colleen E. Saccotelli
June 6, 2022
Village of Mount Prospect
50 S. Emerson Street, Mount Prospect, Illinois 60056
The Honorable Paul W. Hoefert, Village President
Members of the Board of Trustees
Village Manager Michael J. Cassady, and
Citizens of the Village of Mount Prospect, Illinois
VILLAGE MANAGER
Michael J. Cassady
VILLAGE CLERK
Karen Agoranos
Phone: 847/392-6000
Fax: 847/392-6022
www.mountprospect.org
The Annual Comprehensive Financial Report of the Village of Mount Prospect, Illinois for the fiscal year ended
December 31, 2021 is submitted herewith. The report consists of management's representations concerning the
finances of the Village of Mount Prospect. Responsibility for both the accuracy of the data and the completeness
and fairness of the presentation, including all disclosures, rests with the Village.
To provide a reasonable basis for making these representations, management of the Village has established a
comprehensive internal control framework that is designed both to protect the government's assets from loss, theft
or misuse and to compile sufficient reliable information for the preparation of the Village of Mount Prospect's
financial statements in conformity with Generally Accepted Accounting Principles (GAAP). Because the cost of
internal controls should not outweigh their benefits, the Village's comprehensive framework on internal controls
has been designed to provide reasonable rather than absolute assurance that the financial statements will be free
from material misstatement. The Village has implemented GASB Statement No. 34, Basic Financial Statements —
and Management Discussion and Analysis - for state and local governments, including infrastructure reporting.
As management, we assert that, to the best of our knowledge and belief, this financial report is complete and
reliable in all material respects.
The Village's financial statements have been audited by Lauterbach & Amen, LLP, a firm of licensed certified
public accountants. The goal of the independent audit is to provide reasonable assurance that the financial
statements of the Village of Mount Prospect for the year ended December 31, 2021 are free from material
misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements; assessing the accounting principles used and significant estimates made by
management; and evaluating the overall financial statement presentation. The independent auditor concluded
based upon their audit that there was a reasonable basis for rendering an unmodified opinion that the Village's
financial statements for the fiscal year ended December 31, 2021 are fairly presented in conformity with GAAP.
The independent auditor's report is presented as the first component of the financial section of this report.
GAAP requires that management provide a narrative introduction, overview and analysis to accompany the basic
financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is
designed to complement the MD&A and should be read in conjunction with it. The Village's MD&A can be
found immediately following the report of the independent auditors.
3 16
Profile of the Village of Mount Prospect
The Village of Mount Prospect, a home rule community as defined by the Illinois Constitution, was incorporated
on February 3, 1917 and is located 23 miles northwest from downtown Chicago in Cook County. The Village
currently has land area of 10.8 square miles and a population of 56,852 (2020 Census).
The Village operates under the Council/Manager form of government. Policymaking and legislative authority are
vested in the Village Board, which consists of a Mayor and six -member Board of Trustees. The Village Board is
responsible for, among other things, passing ordinances, adopting the budget, appointing committee members and
hiring the Village Manager. The Village Manager is responsible for carrying out the policies and ordinances of
the Village Board, overseeing the day-to-day operations of the Village, and appointing the heads of the Village's
departments. The Board is elected on a non-partisan basis. Board members are elected to four-year staggered
terms with three Board members elected every two years. The Mayor is elected to a four-year term. The Mayor
and Village Trustees are elected at large. The Village provides a full range of services including police, fire,
public works (including water and sewer), human services, finance, community development and communication
(television) services.
The annual budget serves as the foundation for the Village's financial planning and control. All departments of
the Village are required to submit their budget requests to the Finance Director by mid-July each year. Revenue
estimates are completed by the Finance Department in preparation for departmental budget reviews with the
Village Manager and Finance Director in early August. Initial budget requests are compiled by the end of August.
A proposed budget is prepared and delivered to the Village Board and Finance Commission at the end of
September. The proposed budget is also made available for public inspection in the Village Clerk's Office, on the
Village website and at the Mount Prospect Public Library. A series of workshops are held with members of the
Village Board and Finance Commission in October and November. The Finance Commission also meets
separately with staff in October. The Village Board is required to hold a public hearing on the proposed budget
and to adopt a final budget no later than December 31st of each year, the close of the Village's previous budget
year. The budget is prepared by fund and by department. Expense cost centers are created within departments
giving a true picture of the cost of providing a particular service (e.g., Police Department Investigations). Budget
amendments require approval of the Village Board. Budget -to -actual comparisons are provided for each
individual governmental fund for which an appropriated annual budget has been adopted.
For the General Corporate Fund and major special revenue funds, this comparison is presented in the required
supplementary information. For governmental funds, other than the General Corporate Fund and major special
revenue funds, with appropriated annual budgets, this comparison is presented in the non -major governmental
fund subsection of this report.
Major Initiatives
The Village staff, following directives of the Village Board and the Village Manager, has been involved in a
variety of projects throughout the year - projects which reflect initiatives found in the Village's Strategic Plan and
a commitment to ensuring its citizens are able to live and work in an enviable environment. Below is a list of the
more significant accomplishments and initiatives that address various goals identified for 2021.
COVID-19 Pandemic — COVID-19, a global pandemic started in February 2020, impacted the Village
operations starting in March 2020, and continued for the most of the year 2021. The Village was quick to
implement strategies to minimize the impact of COVID-19. The Village quickly adopted a new normal in
the COVID environment and changed its operation as warranted by time. Many of the Village's staff
worked in a hybrid environment. In spite of the hybrid environment, there was no impact on any of the
service levels. The Village staff performed beyond expectations on many occasions and provided
excellent customer service. The Village operations continued without any interruptions.
4 17
• Levee 37 Plan — The Village successfully secured $3,000,000 in grant funding for the Levee 37 Phase II
improvements at Aspen Trails Park. The major part of the project was completed during the year 2021
and residents have already seen the improvements during major rain events.
• Prospect Place Redevelopment — The Village entered into a TIF redevelopment agreement with First
Equity Group. First Equity Group will be conducting a $26.8 million redevelopment investment to what is
currently known as Prospect Place. The project includes a five story mixed-use building, which includes
first floor commercial space with underground and surface parking for the building's residents. The
project is expected to be completed in 2023.
• HQ Residence Project: The Village entered into a TIF redevelopment agreement with T2 Capital
Management, LLC to demolish and redevelop its old Police and Fire HQ building. The redevelopment is
named HQ Residence and will have 6 -storey 88 luxury rental units and 3,500 sq. ft. of retail space. The
project is expected to be completed in 2025.
• Cloud HQ: The old United Airline HQ campus in the Village of Mount Prospect was bought by a well-
known cloud/data center construction and management company called Cloud HQ. Cloud HQ will be
building a 1.8 million sq. ft. data center and will be investing $2.5 billion in the Village of Mount
Prospect. The project is expected to bring over 1,000 construction jobs and upon completion, the job site
will employ more than 450 full-time engineers, security and maintenance personnel. The project is very
crucial for the Village and is expected to bring in significant revenues from property and utility taxes.
• Sidewalk Policy & Program — The Village successfully implemented various strategies to repair the
sidewalks and have mitigated over 2,000 vertical offsets in the Village's sidewalk network.
• Street Lights Program — The Village completed the conversion of 80 streetlights to LED fixtures,
reducing energy usage on Central Road.
• Traffic Control on Major Corridors — The Village completed Phase I engineering for the Rand Road/
Central Road/Mount Prospect Road intersection. The Village also started Phase I engineering for the
Rand Road/Kensington Road/Route 83 intersection.
• Interconnect: The Village will be deploying $5.5 million from the American Rescue Plan toward an
interconnect project with the Northwest Water Commission. The project will provide a backup source for
the water supply and will allow the Village to discontinue some of its deep wells, which may be
contaminated and may not provide drinking water in the long run.
• South Mount Prospect TIF: The Village started working on the South Mount Prospect TIF, which will
also provide crucial support for the redevelopment of the South Mount Prospect. The South Mount
Prospect TIF obtained approval from the Village Board on May 3, 2022.
Refer to the Strategic Plan tab of the 2022 Annual Budget document for a complete listing of major initiatives and
accomplishments.
All Departments continue to perform exceptionally well by delivering high quality services to our residents and
business community. Initiatives included in the Village's strategic plan have provided a focus for these services.
The Village's Annual Budget and Audit Documents were again recognized for their clarity and usability and
Mount Prospect was recognized as a Tree City U.S.A. for the 37th consecutive year.
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is considered from the
broader perspective of the specific environment within which the Village operates.
18
Global Pandemic. COVID-19 was uncharted territory for every organization, and the Village of Mount Prospect
is not an exception to this fact. The Village had adopted a contingency plan in early 2020, but the Village's
revenue base performed excellently and the Village did not experience any major revenue losses. The Village and
the region experienced the peak of the COVID-19 health impact in 2021. In spite of the pandemic, the local
economy and the market conditions were very positive. Due to the positive economic trends, the Village collected
all-time high state sales tax, home rule sales tax and income tax (Local Governmental Distributive Fund). The
Village emerged much stronger and has maintained a healthy fund and cash balance as of December 2021.
Local economy. The Village continues to benefit from growth in the local economy. There are a number of
factors that influence the economy of a specific community, and various measures are used to gauge the economic
outlook. Perhaps four of the most objective measures are the level of retail sales, the employment level of the
community, income levels in the community and building activity. In Illinois, sales taxes are allocated based
upon the point-of-sale and accordingly represent the sales in the community. Total state sales tax receipts
received during the calendar year ended December 31, 2021 were $29.3 million compared to $21.9 million for the
previous year, an increase of 33.7 percent. The prior year sales were impacted by COVID-19. The Village has
seen an extraordinary growth in the sales tax revenue in 2021 due to an outperformance in a particular business
segment. Since the Village's portion of sales tax receipts is based on a 1% tax rate, these receipts represent total
retail sales of approximately $2.9 billion for 2021. The segment generating the most sales tax contains products
with inelastic demand, which protects the Village's sales tax revenue. Besides that, the 2020 Census data reflected
an increase of 2,685 in the Village's population. The newly added population counts will result in additional per
capita allocation from the State of Illinois (income tax, motor fuel tax and use tax). The current rate of inflation,
labor shortage, supply chain issues, global uncertainties, market conditions and certain other external factors are
affecting the regional economy and the Village is not an exception to these impacts. The Village is in a strong
financial position and has no immediate concern about any short-term impacts of these factors. However, staff is
evaluating long-term impacts of these factors and working to create an improvised financial plan that can provide
sustainable and long-term support for the Village's operations.
The Village is divided mainly between Elk Grove Township and Wheeling Township, and there is a small portion
of the Village within the jurisdiction of Maine Township. Due to the recent triennial assessment in 2019, the Elk
Grove Township assessed values increased on average by 53 percent, while the same increased by 31 percent in
Wheeling Township. The increases in assessed value has restored the equalized assessed value of the Village back
to its 2008 - 2009 level. The total equalized assessed value for the tax year 2020 (after exemptions) was
$1,991,342,982. With new development in downtown Mount Prospect, the equalized assessed value for the
Village and its Prospect & Main Tax Increment Financing District is expected to improve further for the tax year
2021 (tax payable in 2022).
Mount Prospect's average unemployment during 2021 was 2.9%. This is a significant decrease from the prior
year (6.6% in 2020). The average unemployment rate for Cook County for 2021 was 4.7%, while the same for
the State of Illinois was 5.5%. Mount Prospect's median family income of $84,353 as of July 1, 2021 (per the
census.gov data) was 24% higher than the median for Cook County ($67,886) and 23% higher than the median for
the State of Illinois ($68,428).
19
The Village is strategically located in the middle of a thriving economic activity center for the Midwest region of
our country. It is close to major interstate highways including I-90 and I-294, while its proximity to O'Hare
International Airport makes the Village's location a prime spot. The Village's commercial and industrial real
estate has a very low vacancy rate and, in spite of the pandemic, the Village revenues have performed consistently
due to a strong and diversified tax base. The United Airline HQ Campus was bought by Cloud HQ in December
2021. Cloud HQ has proposed a 1.8 million sq. ft. data center and will be investing $2.5 billion in the Village of
Mount Prospect. The Village is connected to the "Golden Corridor," which extends Interstate 90 from O'Hare to
Elgin, which makes the Village a desirable location for commercial and industrial ventures as well as for
corporate headquarters for many mid to large-scale companies.
Long-term financial planning. In 2003, the Village conducted its first long-range financial planning workshop.
The workshop was held in response to the slowing economy and its impact to the Village's financial condition.
The goal of the workshop was to put the Village's financial condition back on firm ground in such a manner as to
not overburden residents and businesses from a tax standpoint or reduce the scope and quality of municipal
services that would jeopardize the livability and curb appeal of the community. The goal of the workshop was
accomplished through a series of revenue enhancements, budget cuts and the planned drawdown of fund balance.
Subsequent workshops continued into 2021. During the 2021 workshop, financial status reports were provided
for end -of -year results for 2020, updated projections for 2021 and a revised forecast for 2022.
Two additional tools have been developed in managing the long-range finances of the Village. The first is a Five -
Year Community Investment Program that outlines the major capital expenditure/project initiatives of the Village
over the next five years and identifies funding sources. Over the next five years (2022-2026), the Village has
identified $160.5 million in water and sewer, flood control, street, public building, equipment and other
miscellaneous capital projects. The second is the Village Strategic Plan for 2022 completed in early 2021. The
strategic plan provides the mission, vision, and goals for vision attainment along with the strategic action plan of
the organization. An implementation guide was developed in May 2021 using the goals identified in the Strategic
Plan. This implementation guide provides the objectives, short-term challenges and opportunities, and action
items to be taken for accomplishing the goals of the Village. Action items were prioritized as top or high priority
by the Village Board and fall into three categories: Policy Agenda, Management Agenda and Management in
Progress. The implementation guide is updated annually, reflecting work completed and changing priorities.
Funding of initiatives identified in the strategic plan will receive a higher priority during the budget process.
Awards. The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the Village of Mount Prospect for its
comprehensive annual financial report for the year ending December 31, 2020. The Certificate of Achievement is
a prestigious national award recognizing conformance with the highest standards for preparation of state and local
government financial reports.
In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and
efficiently organized Comprehensive Annual Financial Report whose contents conform to program standards.
Such reports must satisfy both generally accepted accounting principles and applicable legal requirements. A
Certificate of Achievement is valid for a period of only one year. The Village of Mount Prospect has received
Certificates of Achievement since 1983. It is believed that the current report continues to conform to the
Certificate of Achievement program requirements, and will be submitted to GFOA for evaluation.
In addition, the Village of Mount Prospect also received the Government Finance Officers Association's Award
for Distinguished Budget Presentation for its annual budget for the fiscal year beginning January 1, 2021 and
ending December 31, 2021. In order to qualify for the Distinguished Budget Presentation Award, a governmental
unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as
a financial plan, and as a communications device. The Village of Mount Prospect has received this award each
year since 1994. The Village is awaiting word as to whether it received the Budget Award for its 2022 Budget
document.
7 20
Acknowledgements
The preparation of this report on a timely basis could not have been accomplished without the efficient and
dedicated services of the entire staff of the Finance Department. I would like to express special appreciation to
Jennifer Fitzgerald - Deputy Finance Director, Accountants Rumiana Nihtianova and Terri Atienza, and our AP
and Risk Coordinator Mike Grochocki, who contributed greatly to its preparation. Additionally, I would like to
acknowledge the Mayor, the Board of Trustees, the Finance Commission, the Audit Committee and Village
Manager for their leadership and support in planning and conducting the financial affairs of the Village in a
responsible and progressive manner.
Respectfully submitted,
1 6 - ;P Z� �zl
Amit R. Thakkar
Finance Director
21
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Village of Mount Prospect
Illinois
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
December 31, 2020
r I I
Executive Director/CEO
9 22
FINANCIAL SECTION
This section includes:
Independent Auditors' Report
Management's Discussion and Analysis
Basic Financial Statements
Required Supplementary Information
Other Supplementary Information
Supplemental Schedules
10 23
INDEPENDENT AUDITORS' REPORT
This section includes the opinion of the Village's' independent auditing firm.
11 24
668 N. RIVER ROAD • NAPERVILLE, ILLINOIS IINOIS 60563
PHONE: 630.393 1483 • FAX 630.393 251 5
www.laxiteirba-a(,,~txi ieii.r,oin7
CERTIFIED PUBI.AC; ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
June 6, 2022
The Honorable Mayor
Members of the Board of Trustees
Village of Mount Prospect, Illinois
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of the governmental activities, the business -type activities,
each major fund, and the aggregate remaining fund information of the Village of Mount Prospect, Illinois, as of and
for the year ended December 31, 2021, and the related notes to the financial statements, which collectively
comprise the Village's basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities, the business -type activities, the aggregate discretely presented
component units, each major fund, and the aggregate remaining fund information of the Village, as of
December 31, 2021, and the respective changes in financial position, and, where applicable, cash flows thereof for
the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America.
Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the
Financial Statements section of our report. We are required to be independent of the Village, and to meet our other
ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
accounting principles generally accepted in the United States of America, and for the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about the Village's ability to continue as a going concern
for twelve months beyond the financial statement date, including any currently known information that may raise
substantial doubt shortly thereafter.
12 25
Village of Mount Prospect, Illinois
June 6, 2022
Page 2
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that
an audit conducted in accordance with generally accepted auditing standards will always detect a material
misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or
the override of internal control. Misstatements are considered material if there is a substantial likelihood that,
individually or in the aggregate, they would influence the judgment made by a reasonable user based on the
financial statements.
In performing an audit in accordance with generally accepted auditing standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Village's internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Village's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit, significant audit findings, and certain internal control -related matters that we
identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's discussion
and analysis and budgetary comparison information, as listed in the table of contents, be presented to supplement
the basic financial statements. Such information is the responsibility of management and, although not a part of the
basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an
essential part of financial reporting for placing the basic financial statements in an appropriate operational,
economic, or historical context. We have applied certain limited procedures to the required supplementary
infonnation in accordance with auditing standards generally accepted in the United States of America, which
consisted of inquiries of management about the methods of preparing the information and comparing the
information for consistency with management's responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide
any assurance on the information because the limited procedures do not provide us with sufficient evidence to
express an opinion or provide any assurance.
13 26
Village of Mount Prospect, Illinois
June 6, 2022
Page 3
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
the Village of Mount Prospect, Illinois' basic financial statements. The other supplementary information and
supplemental schedules are presented for purposes of additional analysis and are not a required part of the basic
financial statements. Such information is the responsibility of management and was derived from and relates
directly to the underlying accounting and other records used to prepare the basic financial statements. The
information has been subjected to the auditing procedures applied in the audit of the basic financial statements and
certain additional procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the basic financial statements or to the basic financial statements
themselves, and other additional procedures in accordance with auditing standards generally accepted in the United
States of America. In our opinion, other supplementary information and supplemental schedules are fairly stated, in
all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information comprises
the introductory and statistical sections but does not include the basic financial statements and our auditor's report
thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express
an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and
consider whether a material inconsistency exists between the other information and the basic financial statements,
or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude
that an uncorrected material misstatement of the other information exists, we are required to describe it in our
report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 6, 2022, on our
consideration of the Village's internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that
report is to describe the scope of our testing of internal control over financial reporting and compliance and the
results of that testing, and not to provide an opinion on the effectiveness of the Village's internal control over
financial reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the Village's internal control over financial reporting and
compliance.
Z"6?4" &,46464, zz;)
LAUTERBACH & AMEN, LLP
14 27
MANAGEMENT'S DISCUSSION AND ANALYSIS
15 28
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended December 31, 2021
The Village of Mount Prospect (the "Village") Management's Discussion and Analysis is designed to (1) assist
the reader in focusing on significant issues, (2) provide an overview of the Village's financial activity, (3) identify
changes in the Village's financial position (its ability to address the next and subsequent year challenges), (4)
identify any material deviations from the financial plan (the approved budget), and (5) identify individual fund
issues or concerns.
Since the Management's Discussion and Analysis (MD&A) is designed to focus on the current year's activities,
resulting changes and currently known facts, please read it in conjunction with the Transmittal Letter, and the
Village's financial statements.
USING THE FINANCIAL SECTION OF THIS ANNUAL COMPREHENSIVE FINANCIAL REPORT
The primary focus of local governmental financial statements had been to summarize fund type information on a
current financial resource basis. This approach was modified by Governmental Accounting Standards Board
(GASB) Statement No. 34. As a result, these financial statements now present two kinds of statements, each with
a different snapshot of the Village's finances. The financial statement's focus under GASB Statement No. 34 is on
both the Village as a whole (government -wide) and on the major individual funds. Both perspectives
(government -wide and major fund) allow the user to address relevant questions, broaden a basis for comparison
(year to year or government to government) and enhance the Village's accountability.
Government -Wide Financial Statements
The government -wide financial statements are designed to be corporate -like in that all of the governmental and
business -type activities are consolidated into columns that add to a total for the Primary Government. The focus
of the Statement of Net Position (the "Unrestricted Net Position") is designed to be similar to bottom line results
for the Village and its governmental and business -type activities. This statement combines and consolidates the
governmental fund's current financial resources (short-term spendable resources) with capital assets and long-
term obligations using the accrual basis of accounting and economic resources measurement focus.
The Statement of Activities is focused on both the gross and net cost of various activities (including governmental
and business -type), which are supported by the government's general taxes and other resources. This is intended
to summarize and simplify the user's analysis of the cost of various governmental services and/or subsidy to
various business -type activities.
The governmental activities reflect the Village's basic services, including police, fire, public works, and
administration. Property taxes, sales and income taxes and local utility taxes finance the majority of these
services. The business -type activities reflect private sector type operations (water, sewer, and parking operations),
where the fee for service typically covers all or most of the cost of operation, including depreciation.
Fund Financial Statements
Traditional users of governmental financial statements will find the Fund Financial Statements presentation more
familiar. The focus is on major funds rather than (the previous model's) fund types.
The Governmental Major Fund presentation is organized on a sources and uses of liquid resources basis. This is
the manner in which the financial plan (the budget) is typically developed. The flow and availability of liquid
resources is a clear and appropriate focus of any analysis of a government. Funds are established for various
purposes and the Fund Financial Statement allows the demonstration of sources and uses and/or budgeting
compliance associated therewith.
(See independent auditor's report)
16 29
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
The Fund Financial Statements also allow the government to address its Fiduciary Funds (Pension Trust). While
these funds represent trust responsibilities of the government, these assets are restricted in purpose and do not
represent discretionary assets of the government. Therefore, these assets are not presented as part of the
Government -Wide Financial Statements.
While the Business -type Activities column on the Proprietary Fund Financial Statements is the same as the
Business -type column on the Government -Wide Financial Statement, the Governmental Funds total column
requires a reconciliation because of the different measurement focus (current financial resources versus total
economic resources) which is reflected on the page following each statement. The flow of current financial
resources will reflect bond proceeds and interfund transfers as other financial sources or uses, as well as capital
expenditures and bond principal payments as expenditures. The reconciliation will eliminate these transactions
and incorporate the capital assets and long-term obligation (bonds and others) into the Governmental Activities
column (in the government -wide statements).
Infrastructure Assets
Historically, a government's largest group of assets (infrastructure - i.e., roads, bridges, storm sewers, etc.) have
not been reported nor depreciated in governmental financial statements. GASB Statement No. 34 requires that
these assets be valued and reported within the Governmental Activities column of the Government -wide
Statements. Additionally, the government must elect to either (1) depreciate these assets over their estimated
useful life or (2) develop a system of asset management designed to maintain the service delivery potential to near
perpetuity. If the government develops the asset management system (the modified approach), which periodically
(at least every third year), by category, measures and demonstrates its maintenance of locally established levels of
service standards, the government may record its cost of maintenance in lieu of depreciation. The Village of
Mount Prospect has chosen to depreciate assets over their useful life. If a road project is considered maintenance -
a recurring cost that does not extend the road's original useful life or expand its capacity - the cost of the project
will be expensed. An "overlay" of a road will be considered maintenance whereas a "rebuild" of a road will be
capitalized.
GOVERNMENT -WIDE STATEMENTS
Statement of Net Position
The Village's combined net position for the primary government increased from a negative $14.9 million, as
restated, to a positive $15.6 million. The net increase of $30.6 million is mainly attributable to intergovernmental
revenues including state sales tax, income tax, use tax, ambulance billing fees and government grants, as well as
under budget performance by all the Village Departments. The net position for governmental activities is negative
$29.8 million, while the net position for the business -type activities is a positive $45.5 million.
Table 1 reflects the condensed Statement of Net Position. For more detailed information see the Statement of Net
Position in the basic financial statements.
(This space is intentionally left blank.)
(See independent auditor's report)
17 30
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Table 1
Statement of Net Position
As of December 31, 2021 (in millions)
Current and Other Assets
Capital Assets
Total Assets
Deferred Outflows of Resources
Total Assets and Deferred Outflows of Resources
Current Liabilities
Noncurrent Liabilities
Total Liabilities
Deferred Inflows of Resources
Total Liabilities and Deferred Inflows of Resources
Net Position
Net Investment in Capital Assets
Restricted
Unrestricted (Deficit)
Total Net Position
Governmental
Activities
Business -Type
Activities
Totals
2021
2020
2021
2020
2021
2020
$ 103.3
119.3
86.8
111.0
19.8
48.3
20.8
39.8
123.1
167.6
107.6
150.8
222.6
26.5
197.8
10.5
68.1
1.5
60.6
1.8
290.7
28.0
258.4
12.3
249.1
208.3
69.6
62.4
318.7
270.7
12.1
214.4
12.8
207.8
2.2
20.3
1.9
21.7
14.3
234.7
14.7
229.5
226.5
52.4
220.6
46.1
22.5
1.7
23.6
0.9
249.0
54.1
244.2
47.0
278.9
266.7
24.2
24.5
303.1
291.2
38.3
26.4 29.7
20.5 68.0
46.9
7.2
5.8
7.2
5.8
(75.3)
(90.6) 15.8
17.3 (59.5)
(73.3)
(29.8)
(58.4) 45.5
37.8 15.7
(20.6)
(Note: There may be some slight differences in totals due to rounding.)
Normal Impacts
There are six basic (normal) transactions that will affect the comparability of the Statement of Net Position
summary presentation.
Net results of activities - which will impact (increase/decrease) current assets and unrestricted net position.
Borrowingfor or capital - which will increase current assets and long-term debt.
Spending borrowed proceeds on new capital - which will reduce current assets and increase capital assets. There
is a second impact, an increase in invested in capital assets and an increase in related net debt which will not
change the invested in capital assets, net of debt.
Spending of non -borrowed current assets on new capital - which will (a) reduce current assets and increase capital
assets and (b) will reduce unrestricted net position and increase invested in capital assets, net of debt.
Principal payment on debt - which will (a) reduce current assets and reduce long-term debt and (b) reduce
unrestricted net position and increase invested in capital assets, net of debt.
Reduction of capital assets through depreciation - which will reduce capital assets and invested in capital assets,
net of debt.
(See independent auditor's report)
18 31
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Current Year Impacts
Governmental activities net position increased by $28.5 million while the business -type activities net position
increased by $2.0 million. The governmental activities total assets and deferred outflows increased by $40.9
million and the governmental activities total liabilities and deferred inflows increased by $12.4 million, of which
$6.7 million of increases are attributable to the increases in the noncurrent liabilities. Increases in the net pension
liability for Police and Fire Pension Funds are the main reason for the increase in the noncurrent liability. The
total assets increased by $24.9 million in governmental activities. Of this amount, $16.5 million is due to increase
in the current and other assets and $8.3 million in attributable to increase in the capital assets. The increase in
deferred outflows of $16.0 million for the governmental activities was due to increases in the pension -related
items for Police, Fire and IMRF pension funds.
The net position of the business -type activities increased by $2.0 million. The increase in total net position is
mainly attributable to the current surplus of revenues over expenditures. The business -type activities total assets
and deferred outflows increased by $7.3 million and the business -type activities total liabilities and deferred
inflows decreased by $0.3 million. The current assets decreased by $1.0 million, mainly attributable to the use of
unspent bond proceeds in 2021 for the appropriate projects. The business -type capital assets increased by $8.6
million. The liabilities for business -type activities decreased from $23.6 million to $22.5 million. The noncurrent
liabilities decreased by $1.5 million, mainly due to repayment of certain long-term debt obligations per the
established debt service schedules.
Changes in Net Position
The Village's combined change in net position for the primary government in 2021 was an increase of $30.6
million versus an increase of $6.1 million in 2020. Activities for the governmental activities saw an increase in net
position of $28.5 million from 2020, while activities for the business -type funds saw an increase in net position of
$2.0 million from 2020. The following chart lists the revenues and expenses for the current and prior fiscal years.
Table 2 focuses on the changes in net position of the governmental and business -type activities.
(This space in intentionally left blank.)
(See independent auditor's report)
19 32
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Table 2
Change in Net Position
For the Year Ended on December 31, 2021 (in millions)
Governmental Business -Type
Activities Activities Totals
2021 2020 2021 2020 2021 2020
Revenues
Program Revenues
Charges for Services
Operating Grants/Contributions
Capital Grants/Contributions
General Revenues
Property Taxes
Utility Taxes
Business District Taxes
Sales/Use Taxes
Income Taxes
Other Taxes
Interest
Other
$ 12.3 10.8 17.8
3.1 3.0
2.8 1.3
20.5 20.0
3.1
3.0
0.3
0.3
38.3
29.5
7.2
5.9
5.0
3.4
(0.1)
0.3 -
1.8
2.1
16.8 30.1 27.7
3.1 3.0
2.8 1.3
20.5 20.0
3.1
3.0
0.3
0.3
38.3
29.5
7.2
5.9
5.0
3.4
0.2 (0.1)
0.4
1.8
2.1
94.3
79.6
17.8
17.0
112.1
96.6
Expenses
General Government
5.9
7.8
5.9
7.8
Public Safety
34.7
40.6
34.7
40.6
Highways and Streets
14.0
12.8
14.0
12.8
Health
5.0
4.8
5.0
4.8
Welfare
2.0
1.9
2.0
1.9
Culture and Recreation
0.3
0.2
0.3
0.2
Interest on Long -Term Debt
3.8
4.3
3.8
4.3
Water and Sewer
15.6
18.0
15.6
18.0
Parking
0.2
0.2
0.2
0.2
65.7
72.4
15.8
18.2
81.5
90.6
Change in Net Position
28.6
7.2
2.0
(1.2)
30.6
6.0
Net Position - Beginning as Restated
(58.3)
(65.7)
43.4
39.1
(14.9)
(26.6)
Net Position - Ending
(29.7)
(58.5)
45.4
37.9
15.7
(20.6)
(Note: There may
be some slight differences in totals due to
rounding.)
(See independent auditor's report)
33
20
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Normal Impacts
There are eight basic impacts on revenues and expenses and are reflected below.
Revenues:
Economic condition - This can reflect a declining, stable or growing economic environment and has a
substantial impact on state income, sales and utility tax revenue as well as public spending habits for building
permits, elective user fees and volumes of consumption.
Increase/decrease in Village approved rates - While certain tax rates are set by statute, the Village Board has
significant authority to impose and periodically increase/decrease rates (water, sewer, licenses and fees, home
rule sales tax, utility taxes, etc.).
Changing patterns in intergovernmental and grant revenue (both recurring and non-recurring) - Certain
recurring revenues (state shared revenues, etc.) may experience significant changes periodically while non-
recurring (or one-time) grants are less predictable and often distorting in their impact on year-to-year
comparisons.
Market impacts on investment income - The Village's investment portfolio is managed using a short-term
average maturity and the market condition may cause investment income to fluctuate less than alternative
longer-term options.
Expenses:
Introduction of new programs - Within the functional expense categories (Public Safety, Highways and
Streets, General Government, etc.) individual programs may be added or deleted to meet changing community
needs or unfunded mandates from other governmental levels.
Increase/Decrease in authorized personnel - Changes in service demand may cause the Village Board to
increase/decrease authorized staffing levels. Staffing costs (salary and related benefits) represent
approximately 74.5% of the Village's General Fund operating costs.
Salary increases (annual adjustments and merit) - The ability to attract and retain human and intellectual
resources requires the Village to strive for a competitive salary range position in the marketplace. In addition,
the Village has four separate bargaining units representing various segments of the employee population.
Inflation - There is a rising rate environment and the inflation is at thirty-year high mark. The Village's
budget and financial plan is flexible to accommodate any short-term impacts on inflation. The Village is a
major consumer of certain commodities, supplies, fuels and parts and the cost of these commodities and
supplies has increased due to high inflation.
CURRENT YEAR IMPACTS
Governmental Activities
Revenue:
Total revenues for the Village's Governmental Activities for 2021 were $94.3 million.
The year 2021 was a challenging year due to the pandemic, but the Village revenues, especially
intergovernmental revenues were stronger than usual. The Village collected an all time high state sales tax
and income tax. The sales and use tax revenue totaled $38.3 million, an increase of $8.8 million compared to
2020 revenues totaling $29.5 million. The income tax collection totaled $7.2 million, an increase of $1.3
million compared to the 2020 collection of $5.9 million. Other taxes totaled $5.0 million for the year while
the Village collected property taxes totaling $20.5 million. Overall, the Village recognized revenues totaling
$94.3 million, an increase of $14.7 million compared to 2020 revenues totaling $79.6 million.
(See independent auditor's report)
21 34
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Governmental Activities (cont.)
Expenses:
Total expenses for the Village's Governmental Activities for 2021 were $65.8 million.
Public Safety, which includes Police and Fire, accounts for the largest portion of governmental expenses.
Total Public Safety expenses in 2021 were $34.7 million, a decrease of $5.9 million from 2020. The decrease
in the expenditures are mainly attributable to the personnel, pension costs and the construction of the new
Police and Fire HQ related expenditures. Expenses for Highways and Streets, which are made up of the Public
Works divisions (excluding water and sewer), is the second largest category of governmental expenses
totaling $14.0 million. The General Government expenditures totaled $5.9 million, a decrease of $1.9 million
from the prior year. This decrease of $1.9 million is mainly attributable to the decreased operating
expenditures due to the cancellation of various Village Sponsored events due to COVID-19, ad overall
reduction in the operating expenditure for the General Governmental operations. A few of the budgeted
projects and line items were not completed due to the supply chain issues during the year 2021 and are expect
to be completed in the year 2022.
Business -Type Activities
Revenues:
Total revenues for the Village's Business -Type Activities for 2021 were $17.8 million.
Business -type activities in the Village consist of Water and Sewer Operations and Parking Operations.
Charges for service annually account for the largest share of revenue for business -type activities. Of the $17.8
million generated in 2021, $17.7 million is from water sales and sewer fees and charges, $0.1 million is from
parking operations. The investments are marked to market and due to rising rate environment, the investment
income is reporting a loss, which is an accounting adjustments. Upon maturity, the recognized unrealized loss
will be reversed and the investment income will be recognized. The Village has intention and capacity to hold
its investment through their maturities.
Expenses:
Total expenses for the Village's Business -Type Activities for 2021 were $15.8 million.
Of the total expenses for business -type activities, $15.6 million is attributable to Water and Sewer while $0.2
million is attributable to parking operations. $7.5 million in Water and Sewer Fund expenses were for the
acquisition of water through the Northwest Suburban Municipal Joint Action Water Agency (JAWA).
FINANCIAL ANALYSIS OF THE VILLAGE'S GENERAL FUND
The General Fund is the Village's primary operating fund. It supports a majority of the day-to-day services
delivered to its residences and businesses. The fund balance of the General Fund saw an increase of $8.7 million
in 2021 from $26.2 million to $34.8 million. In 2021, the General Fund revenues came in under the approved
2021 budget. The Village earned $69.1 in General Fund revenues against the approved budget of $71.1. The final
Village budget had anticipated an increase in the General Fund's fund balance of $7.8 million; however, due to
reduced operating expenditures and outperforming revenues, the increase in the fund balance was $8.7 million.
Out of the total fund balance of $34.8 million, $3.7 million is considered assigned fund balance for TIF
redevelopment projects per the approved redevelopment agreement.
During the year 2021, the income tax revenue outperformed by $1.9 million, while the use tax outperformed by
$0.4 million. The sales tax outperformed by $6.1 million compared to the original budget. The revised budget was
adjusted to reflect the outperforming revenues. The largest revenue source for the General Fund for the fiscal year
2021 was the Intergovernmental revenues totaling $39.1 million, while the property taxes totaled $16.2 million.
(See independent auditor's report)
22 35
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
The licenses and permit fees outperformed by $0.1 million and totaled $2.5 million. Charges for services also
outperformed by $0.5 million, mainly due to additional ambulance billing fees revenue collected from the Ground
Emergency Medical Transport program. The Village also collected $3.5 million in the American Rescue Plan.
The amount is classified as deferred revenue for the year 2021 and will be recognized as revenue over the period
of three years from 2022 to 2024.
General Fund Budgeting Highlights
During 2021, the Village amended the general fund budget three times. Table 3 below reflects the original and
revised budget and the actual revenues and expenditures for the General Fund.
Table 3
General Fund Budgetary Changes
For the Fiscal Year Ended December 31, 2021 (in millions)
Revenues and Other Financing Sources
Taxes
Intergovernmental
Other
Total Revenues and Other Financing Sources
Expenditures and Other Financing Uses
Expenditures
Transfers Out
Total Expenditures and Other Financing Uses
Change in Fund Balance
Other Major Funds
Original Final
Budget Budget Actual
$ 23.4
23.4
23.6
30.3
41.7
39.1
5.2
6.0
6.4
58.9
71.1
69.1
57.8 59.3 56.4
3.0 4.0 4.0
60.8 63.3 60.4
(1.9) 7.8 8.7
(Note: There may be some slight differences in totals due to rounding.)
There are three (3) other Major Funds for Fiscal Year ended December 31, 2021. These three Funds are 1)
Prospect and Main TIF Fund, 2) Debt Service Fund, and 3) Police and Fire Building Construction.
Prospect and Main TIF - This special revenue type TIF Fund is used to account for the resources to acquire
property and construct certain improvements in the Prospect/Main Tax Incremental Financing District. Financing
is being provided by incremental property taxes, general obligation bond proceeds, and investment income. Total
revenues for 2021 were $1.5 million, while the total revenues for 2020 were $1.0 million. The total expenses for
2021 were $1.4 million, of which $0.2 million was used for capital outlay items.
(See independent auditor's report)
23 36
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Other Major Funds - Continued
Debt Service - This Fund is used to accumulate monies for the payment of principal and interest on general
obligation bonds and other borrowings. Total revenues for 2021 were $5.3 million, an increase of $0.2 million
from the prior year. Of this total revenue amount, $2.7 million was from property taxes, $1.6 million was from an
intergovernmental transfer from the Mount Prospect Public Library to pay for library related debt, and $1.1
million was from other taxes. Total expenditures for 2021 were $6.7 million, an increase of $0.1 from the prior
year. Ending fund balance decreased by $1.3 million to $1.8 million.
Police and Fire Building Construction - This capital project type fund is used to account for the resources to
construct the police and fire headquarters. Financing was provided primarily by general obligation bond proceeds.
Total revenues for the year 2021 are $126. The total construction expenses for 2021 is $39,441. The ending fund
balance is $4,819; it was transferred to the General Fund and the fund was be closed out during 2021.
Capital Assets
At the end of 2021, the Village had a combined total of $167.6 million invested in a broad range of capital assets
including Village facilities, roads, bridges, water/sewer lines and machinery and equipment (see Table 4 below).
Land
Construction in Progress
Buildings
Improvements Other than Buildings
Vehicles
Machinery and Equipment
Infrastructure
Table 4
Capital Assets at Year End
Net of Depreciation (in millions)
Governmental
Business -Type
Activities
Activities
Totals
2021 2020
2021 2020
2021
2020
$ 15.6 15.6
17.3 17.3
32.9
32.9
9.6 24.9
2.0 2.5
11.6
27.4
64.7 42.3
1.3 1.4
66.0
43.7
1.0 1.1
1.0
1.1
4.6 5.3
4.6
5.3
3.5 3.7
1.2 1.3
4.7
5.0
20.3 18.2
26.5 22.8
46.8
41.0
119.3 111.1
48.3 45.3
167.6
156.4
(Note: There may be some slight differences in totals due to rounding.)
This amount represents a net increase (including additions and deletions) of $11.4 million from 2020. The
following reconciliation in Table 5 summarizes the changes in Capital Assets.
(This space in intentionally left blank.)
(See independent auditor's report)
24 37
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Table 5
Change in Capital Assets (in millions)
Governmental Business -Type
Activities Activities Totals
Beginning Balance as Restated $ 111.1 45.3 156.4
Additions
Depreciable 4.3 1.9 6.2
Nondepreciable 8.9 2.0 10.9
Retirements
Depreciable (0.8) (0.6) (1.4)
Depreciation (4.8) (0.8) (5.6)
Retirement 0.7 0.6 1.3
Ending Balance 119.4 48.4 167.8
(Note: There may be some slight differences in totals due to rounding.)
Table 5 above shows the change in capital assets during 2021. This year's major additions to the capital assets
include the following (in millions):
Governmental Activities
Various construction projects in -progress - $8.9
Buildings - $0.04
Vehicles for Public Safety, Public Works and Village Fleet - $0.1
Purchases of various machinery & equipment - $0.2
Infrastructure Improvements - $3.9
Business -Type Activities
Various construction projects in -progress - $2.0
Infrastructure Improvements - $1.9
More detailed information on capital asset activity can be found in Note 3 of the notes to the financial statements.
(See independent auditor's report)
25 38
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Debt Outstanding
The Village of Mount Prospect had total long-term debt and loans payable of $238.8 million as of December 31,
2021. Long-term debt is comprised of general obligation debt, compensated absences to employees, other post -
employment benefits (OPEB), loans payable, claims and judgements, and pension liability for IMRF, Police and
Fire. Pension liability for police and fire increased by $15.2 million. The net pension liability/(asset) of IMRF
decreased by $8.1 million. The compensated absences had a net decrease of $0.1 million, while the total OPEB
(Other Post Employment Benefit) liability decreased by $0.4 million. Decreases in long term debt include the
retirement of $5.1 million in general obligation debt.
The Village of Mount Prospect maintains an AA+ rating from Standard and Poor's. As a home rule authority, the
Village of Mount Prospect does not have a legal debt limit.
More detailed information on long-term debt activity can be found in Note 3 of the notes to the financial
statements.
Economic Factors and Next Year's Budget
The General Fund, the Village's main operating fund, holds a strong cash and fund balance position as of
December 31, 2021, The Village has pledged $3.7 million from the unassigned fund balance for a TIF
redevelopment project. To reflect the pledged fund balance for the project, $3.7 million is classified as an
assigned fund balance. The unassigned fund balance as of December 31, 2021 is $30.8 million. The amount of
fund balance as of December 31, 2021 represents 44.0 percent of the 2022 General Fund Budget. In spite of
COVID-19, the Village did not experience a shortfall in the total General Fund revenues, instead some of the
revenue sources including the state sales tax, home rule sales tax and income tax revenues recorded an all-time
high revenue amounts. The Village Board has set as its benchmark a level of reserves equal to 25% of subsequent
year expenditures. The Village has recovered gracefully from the pandemic and a return to normalcy is expected
in 2022. Total Village revenues for 2021 continued to see positive increases from the prior year. Conservative
approaches to estimating revenue and strong expenditure management by the various departments have allowed
the Village to maintain a strong financial condition through several lean years following the significant downturn
in the economy that started at the end of 2008/2009. Continuing challenges in 2022 and years to come include
reductions in revenue due to state budgetary issues, rising personnel related costs (wages, insurance, etc.) and the
funding of the public safety pensions. Approximately 74% of the operating budget is made up of these personnel
and related costs. On a positive note, the Village's population is on rise. Per the release 2020 Census data, the
Village gained 2,685 more residents and now the population totals at 56,852. The added population is expected to
bring additional per capita taxes (use tax, income tax and motor fuel tax) from the State of Illinois.
The Village's average unemployment for 2021 was 2.9 percent. This is below the state and national
unemployment rates of 5.1 percent and 3.9 percent, respectively. The Village is mainly divided between Elk
Grove Township and Wheeling Township, and a small portion of the Village is within Maine Township. The year
2019 was a year of the triennial assessment. The Elk Grove Township increased the assessed value of all the
properties on an average by 53 percent, while the Wheeling Township increased the average assessed value by
31.0 percent. After the triennial assessment, the total equalized assessed value for the Village is $1.97 billion, an
18.0 percent increase from the prior year.
The 2022 (amended) Budget represents a 16.7 percent increase from the amended 2021 Budget and totals $160.5
million. The increase in the budget is attributable to certain grant funded capital projects as well as carried over
capital projects from the year 2021 (due to supply chain issues). The General Fund increased $7.5 million, or
12.1% from the prior year due to projects funded from the American Rescue Plan as well as hiring of six
additional fire fighters, which will allow the Village to improve its response time in southern Mount Prospect. Of
the total budget of $160.5 million, the operating budget totals $79.2 million and Community Investment Program
(capital improvement plan) totals $50.6 million.
(See independent auditor's report)
26 39
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
During May 2021, the Village received $3.5 million as the first installment of the American Rescue Plan. The
amount is classified as deferred revenue for the year 2021. The amount is expected to fund various important and
(eligible) projects and programs for the Village. The Village will be receiving the second and final installment in
June 2022 for an equal amount. The American Rescue Plan provides financial support to the local government in
responding to the COVID-19 pandemic and allows spending on certain qualified items as defined by the U.S.
Treasury in the interim final rule. The Village's financial health and cash position is strong. The Village does not
anticipate any short-term concerns and Village Administration is vigilant and committed to maintaining the long-
term fiscal health of the Village.
Request for Information
This financial report is designed to provide a general overview of the Village of Mount Prospect's finances for all
those with an interest in the government's finances. Questions concerning any of the information provided in this
report or requests for additional financial information should be addressed to Amit Thakkar, Director of Finance/
Treasurer, Village of Mount Prospect, 50 South Emerson, Mount Prospect, Illinois 60056.
(See independent auditor's report)
27 40
BASIC FINANCIAL STATEMENTS
The basic financial Statements include integrated sets of financial statements as required by the GASB. The sets
of statements include:
• Government -Wide Financial Statements
• Fund Financial Statements
Governmental Funds
Proprietary Funds
Fiduciary Funds
In addition, the notes to the financial statements are included to provide information that is essential to a user's
understanding of the basic financial statements.
28 41
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Net Position
December 31, 2021
See Following Page
29 42
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Net Position
December 31, 2021
ASSETS
Current Assets
Cash and Cash Equivalents
Receivables - Net of Allowances
Due from Other Governments
Deposits - Insurance
Prepaids/Inventories
Total Current Assets
Noncurrent Assets
Capital Assets
Nondepreciable
Depreciable
Accumulated Depreciation
Total Capital Assets
Other Assets
Deposits - Insurance
Equity Interest in Joint Venture
Net Pension Asset - IMRF
Total Other Assets
Total Noncurrent Assets
Total Assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred Items - IMRF
Deferred Items - Police Pension
Deferred Items - Firefighters' Pension
Deferred Items - RBP
Unamortized Asset Retirement Obligation
Loss on Refunding
Total Deferred Outflows of Resources
Total Assets and Deferred
Outflows of Resources
Primary Government
Governmental Business -Type
Activities Activities Totals
$ 59,819,970
16,639,075
76,459,045
31,658,301
1,894,635
33,552,936
3,487,339
387
3,487,726
3,579,477
—
3,579,477
866,405
291,664
1,158,069
99,411,492
18,825,761
118,237,253
25,245,308
19,344,715
44,590,023
197,955,551
52,180,097
250,135,648
(103,858,838)
(23,202,903)
(127,061,741)
119,342,021
48,321,909
167,663,930
1,249,584
—
1,249,584
—
464,034
464,034
2,678,315
527,637
3,205,952
3,927,899
991,671
4,919,570
123,269,920
49,313,580
172,583,500
222,681,412
68,139,341
290,820,753
2,453,584
483,363
2,936,947
11,605,208
—
11,605,208
9,102,003
—
9,102,003
3,101,812
284,803
3,386,615
—
727,500
727,500
236,079
—
236,079
26,498,686
1,495,666
27,994,352
249,180,098 69,635,007 318,815,105
The notes to the financial statements are an integral part of this statement. 43
30
LIABILITIES
Current Liabilities
Accounts Payable
Accrued Payroll
Retainage Payable
Due to Other Governments
Accrued Interest Payable
Other Payables
Current Portion of Long -Term Liabilities
Compensated Absences Payable
Claims Payable
General Obligation Bonds Payable - Net
Business District Limited Tax Note Payable
Total Current Liabilities
Noncurrent Liabilities
Compensated Absences Payable
Claims Payable
Net Pension Liability - Police Pension
Net Pension Liability - Firefighters' Pension
Total OPEB Liability - RBP
Asset Retirement Obligation
General Obligation Bonds Payable - Net
Business District Limited Tax Note Payable
Total Noncurrent Liabilities
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Property Taxes
Grants
Deferred Items - IMRF
Deferred Items - Police Pension
Deferred Items - Firefighters' Pension
Deferred Items - RBP
Total Deferred Inflows of Resources
Total Liabilities and Deferred Inflows
of Resources
NET POSITION
Net Investment in Capital Assets
Restricted
Public Safety - Police
Public Safety - Fire
Highways and Streets
Debt Service
Unrestricted (Deficit)
Total Net Position
Primary Government
Governmental
Activities
Business -Type
Activities
Totals
$ 1,565,973
1,225,332
2,791,305
1,424,537
93,467
1,518,004
10,650
175,407
186,057
427,066
—
427,066
248,706
53,194
301,900
1,747,937
10,754
1,758,691
946,087
58,271 1,004,358
281,227
— 281,227
4,505,000
575,000 5,080,000
958,001
— 958,001
12,115,184
2,191,425 14,306,609
3,181,599
233,084
3,414,683
268,282
—
268,282
45,236,365
—
45,236,365
40,010,412
—
40,010,412
13,202,443
1,212,224
14,414, 667
—
750,000
750,000
76,778,168
18,069,921
94,848,089
35,772,521
—
35,772,521
214,449,790
20,265,229
234,715,019
226,564,974
22,456,654
249,021,628
18,985,049
— 18,985,049
3,513,935
— 3,513,935
7,074,264
1,393,652 8,467,916
11,258,083
— 11,258,083
8,044,131
— 8,044,131
3,559,835
326,857 3,886,692
52,435,297
1,720,509 54,155,806
279,000,271 24,177,163 303,177,434
38,294,932 29,676,988 67,971,920
312,054
— 312,054
477,734
— 477,734
4,876,061
— 4,876,061
1,533,779
— 1,533,779
(75,314,733)
15,780,856 (59,533,877)
(29,820,173) 45,457,844 15,637,671
The notes to the financial statements are an integral part of this statement. 44
31
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Activities
For the Fiscal Year Ended December 31, 2021
Program Revenues
Charges Operating Capital
for Grants/ Grants/
Expenses Services Contributions Contributions
Governmental Activities
General Government
$ 5,947,477
7,449,945
Public Safety
34,743,839
3,258,363
270,721 —
Highways and Streets
14,011,139
1,618,479
2,122,371 2,848,071
Health
4,962,123
Welfare
1,969,068
—
661,380 —
Culture and Recreation
294,457
—
— —
Interest on Long -Term Debt
3,826,832
—
61,750 —
Total Governmental Activities
65,754,935
12,326,787
3,116,222 2,848,071
Business -Type Activities
Water and Sewer 15,584,057 17,735,543
Parking 176,825 56,289
Total Business -Type Activities 15,760,882 17,791,832
Total Primary Government 81,515,817 30,118,619 3,116,222 2,848,071
General Revenues
Taxes
Property
Utility
Business District
Home Rule Sales
Food and Beverage
Real Estate Transfer
Municipal Motor Fuel
Hotel/Motel
Other Taxes
Intergovernmental - Unrestricted
Income Taxes
State Sales and Local Use Tax
Replacement Taxes
Charitable Games Tax
Interest
Miscellaneous
Total General Revenues
Change in Net Position
Net Position - Beginning as Restated
Net Position - Ending
The notes to the financial statements are an integral part of this statement. 45
32
Net (Expenses)/Revenues
Governmental Business -Type
Activities Activities Totals
1,502,468
— 1,502,468
(31,214,755)
— (31,214,755)
(7,422,218)
— (7,422,218)
(4,962,123)
— (4,962,123)
(1,307,688)
— (1,307,688)
(294,457)
— (294,457)
(3,765,082)
— (3,765,082)
(47,463,855)
— (47,463,855)
2,151,486 2,151,486
(120,536) (120,536)
2,030,950 2,030,950
(47,463,855) 2,030,950 (45,432,905)
20,516,214
— 20,516,214
3,053,871
— 3,053,871
290,877
— 290,877
6,689,468
— 6,689,468
1,412,584
— 1,412,584
1,471,917
— 1,471,917
696,357
— 696,357
326,276
— 326,276
323,597
— 323,597
7,175,489
— 7,175,489
31,590,604
— 31,590,604
723,067
— 723,067
1,315
— 1,315
(82,122)
(19,053) (101,175)
1,794,339
32,814 1,827,153
75,983,853
13,761 75,997,614
28,519,998 2,044,711 30,564,709
(58,340,171) 43,413,133 (14,927,038)
(29,820,173) 45,457,844 15,637,671
The notes to the financial statements are an integral part of this statement. 46
33
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Balance Sheet - Governmental Funds
December 31, 2020
ASSETS
Cash and Investments
Receivables - Net of Allowances
Property Taxes
Other Taxes
Other
Accounts
Due from Other Governments
Due from Other Funds
Inventories
Prepaids
Total Assets
LIABILITIES
Accounts Payable
Accrued Payroll
Retainage Payable
Due to Other Governments
Due to Other Funds
Other Payables
Total Liabilities
General
$ 29,375,181
16,259,186
9,859,038
312,830
92,748
1,801,494
1,922
340,450
58,042,849
773,678
1,376,209
264,460
39,091
1,123,800
3,577,238
DEFERRED INFLOWS OF RESOURCES
Property Taxes 16,156,364
Unavailable Revenues —
Grants 3,513,935
Total Deferred Inflows of Resources 19,670,299
Total Liabilities and Deferred Inflows of Resources 23,247,537
FUND BALANCES
Nonspendable
342,372
Restricted
—
Committed
—
Assigned
3,700,000
Unassigned
30,752,940
Total Fund Balances
34,795,312
Total Liabilities, Deferred Inflows of Resources and Fund Balances 58,042,849
The notes to the financial statements are an integral part of this statement. 47
34
Prospect Police and Fire
and Main Debt Building
TIF District Service Construction Nonmajor Totals
341,682 1,767,712 — 14,326,466 45,811,041
60,969 2,828,685 — —
19,148,840
1,624,537
11,483,575
677,116
989,946
492
492
— 1,564,773 — 1,820,325
3,477,846
1,470,550
1,801,494
6,870 4,001,255
1,922
79,781
420,231
402,651 6,161,170 — 18,528,717 83,135,387
6,870 544,281
1,324,829
12,193
1,388,402
10,650
10,650
162,087
426,547
1,801,494
1,840,585
1,470,550
2,594,350
6,870 4,001,255
7,585,363
— 2,828,685
— — 18,985,049
— 1,550,000
— — 1,550,000
1,012,349
3,513,935
— 4,378,685
— — 24,048,984
6,870 4,378,685
— 4,001,255 31,634,347
79,781
422,153
395,781 1,782,485 — 5,270,068
7,448,334
1,012,349
1,012,349
8,157,144
11,857,144
8,120
30,761,060
395,781 1,782,485 — 14,527,462
51,501,040
402,651 6,161,170 — 18,528,717 83,135,387
The notes to the financial statements are an integral part of this statement. 48
35
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Reconciliation of the Total Governmental Fund Balance to the Statement of Net Position - Governmental
Activities
December 31, 2020
Total Governmental Fund Balances $ 51,501,040
Amounts reported for governmental activities in the Statement of Net Position
are different because:
Capital assets used in governmental activities are not financial
resources and therefore, are not reported in the funds. 119,342,021
Less: Internal Service Capital Assets (7,885,234)
A net pension asset is not considered to represent a financial resource and
therefore is not reported in the funds.
Net Pension Asset - IMRF 2,678,315
Deferred outflows (inflows) of resources related to the pensions not reported in the funds.
Deferred Items - IMRF (4,620,680)
Deferred Items - Police Pension 347,125
Deferred Items - Firefighters' Pension 1,057,872
Deferred Items - RBP (441,569)
Certain revenues that are deferred in the governmental funds are recognized as revenue
in the governmental activities 1,550,000
Internal Service Funds are used by the Village to charge the costs of vehicle and
equipment management and employee compensated absences to individual funds.
The assets and liabilities of the internal service funds are included in
the governmental activities in the Statement of Net Position. 25,752,604
Long-term liabilities are not due and payable in the current
period and therefore are not reported in the funds.
Compensated Absences Payable
(4,058,398)
Net Pension Liability - Police Pension
(45,236,365)
Net Pension Liability - Firefighters' Pension
(40,010,412)
Total OPEB Liability - RBP
(12,728,176)
General Obligation Bonds Payable - Net
(81,283,168)
Unamortized Loss on Refunding
236,079
Business District Limited Tax Note Payable
(36,730,522)
Plus: Amounts Recorded in the Governmental Funds Balance Sheet
958,001
Accrued Interest Payable
(248,706)
Net Position of Governmental Activities (29,820,173)
The notes to the financial statements are an integral part of this statement. 49
36
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds
For the Fiscal Year Ended December 31, 2021
See Following Page
37 50
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds
For the Fiscal Year Ended December 31, 2021
Revenues
Taxes
Intergovernmental
Licenses and Permits
Charges for Services
Fines and Forfeitures
Interest
Miscellaneous
Total Revenues
Expenditures
Current
General Government
Public Safety
Highways and Streets
Health
Welfare
Culture and Recreation
Capital Outlay
Debt Service
Principal Retirement
Interest and Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Disposal of Capital Assets
Transfers In
Transfers Out
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
The notes to the financial statements are an integral part of this statement.
38
Gen PYA l
23,607,673
39,100,373
2,462,218
3,153,582
445,604
(3,025)
?9( ?(6
69,062,691
6,441,083
38,734,462
9,370,338
166,502
1,422,835
306,890
56,442,110
12,620,581
360
(4,000,000)
(3,999,640)
8,620,941
26,174,3 71
34,795,312
51
Prospect Police and Fire
and Main Debt Building
TIF District Service Construction Nonmajor Totals
1,483,537 3,767,323
— 5,922,628
34,781,161
— 1,576,750
— 6,292,645
46,969,768
4,818,826
1,451,051
3,913,269
2,126,344
4,814,332
7,967,914
224,812 — 39,441 10,837,406
11,101,659
445,604
131 835
126 2,919
986
1,502,436
1,798,702
1,483,668 5,344,908
126 19,986,011
95,877,404
165,043 1,473,245
8,079,371
57,315
38,791,777
2,636,234
12,006,572
4,818,826
4,985,328
703,509
2,126,344
306,890
224,812 — 39,441 10,837,406
11,101,659
320,000 4,270,000 4,590,000
699,188 2,424,107 3,123,295
1,409,043 6,694,107 39,441 20,526,535 85,111,236
74,625 (1,349,199) (39,315) (540,524) 10,766,168
295,165 295,525
— 4,819 — 4,540,000 4,544,819
(4,819) (540,000) (4,544,819)
295,165 4,819 (4,819) 4,000,000 295,525
369,790
(1,344,380)
(44,134)
3,459,476
11,061,693
25,991
3,126,865
44,134
11,067,986
40,439,347
395,781 1,782,485 — 14,527,462 51,501,040
The notes to the financial statements are an integral part of this statement. 52
39
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of the
Governmental Funds to the Statement of Activities - Governmental Activities
For the Fiscal Year Ended December 31, 2021
Net Change in Fund Balances - Total Governmental Funds $ 11,061,693
Amounts reported for governmental activities in the Statement of Activities
are different because:
Governmental funds report capital outlays as expenditures. However, in the
Statement of Activities the cost of those assets is allocated over their estimated
useful lives and reported as depreciation expense.
Capital Outlays 13,181,171
Depreciation Expense (4,782,107)
Disposals - Cost (775,046)
Disposals - Accumulated Depreciation 724,829
Less: Internal Service Funds (647,761)
Changes in certain revenues recognized as revenue only in the governmental activities. (1,515,000)
The net effect of deferred outflows (inflows) of resources related
to the pensions not reported in the funds.
Change in Deferred Items - IMRF (5,212,621)
Change in Deferred Items - Police Pension 10,377,896
Change in Deferred Items - Firefighters' Pension 9,079,162
Change in Deferred Items - RBP (1,001,724)
The issuance of long-term debt provides current financial resources to
governmental funds, while the repayment of the principal on long-term
debt consumes the current financial resources of the governmental funds.
Change in Compensated Absences Payable
61,795
Change in Net Pension Liability/(Asset) - IMRF
6,818,864
Change in Net Pension Liability - Police Pension
(7,748,730)
Change in Net Pension Liability - Firefighters' Pension
(7,460,727)
Change in Total OPEB Liability - RBP
338,111
Retirement of Debt
4,590,000
Amortization of Bond Premium
273,802
Amortization of Loss of Refunding
(70,034)
Accreted Interest on Business District Limited Tax Note Payable
(918,599)
Change in Accrued Interest Payable
11,294
Internal service funds are used by the Village to charge the costs of vehicle and equipment
management and employee compensated absences to individual funds.
The net revenue of certain activities of internal service funds is
reported with governmental activities. 2,133,730
Changes in Net Position of Governmental Activities 28,519,998
The notes to the financial statements are an integral part of this statement. 53
40
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Net Position - Proprietary Funds
December 31, 2021
See Following Page
41 54
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Net Position - Proprietary Funds
December 31, 2021
Governmental
Business -Type Activities - Enterprise Activities
Water and Internal
Sewer Nonmajor Totals Service
ASSETS
Current Assets
19,344,715
- 19,344,715
1,760,969
Cash and Investments
$ 16,311,963
327,112 16,639,075
14,008,929
Receivables - Net of Allowances
(22,838,103)
(364,800) (23,202,903)
(9,707,041)
Accounts - Billed
864,501
- 864,501
-
Accounts - Unbilled
1,028,854
- 1,028,854
-
Accrued Interest
11,401
Other
1,231
49 1,280
24,047
Due from Other Governments
387
- 387
9,493
Deposits - Insurance
991,671
- 991,671
3,579,477
Inventories
248,058
- 248,058
355,169
Prepaids
43,606
- 43,606
89,083
Total Current Assets
18,498,600
327,161 18,825,761
18,077,599
Noncurrent Assets
Capital Assets
Nondepreciable
19,344,715
- 19,344,715
1,760,969
Depreciable
51,815,297
364,800 52,180,097
15,831,306
Accumulated Depreciation
(22,838,103)
(364,800) (23,202,903)
(9,707,041)
Total Capital Assets
48,321,909
- 48,321,909
7,885,234
Other Assets
Deposits - Insurance
1,249,584
Equity Interest in Joint Venture
464,034
- 464,034
-
Net Pension Asset - IMRF
527,637
- 527,637
-
Total Other Assets
991,671
- 991,671
1,249,584
Total Noncurrent Assets
49,313,580
- 49,313,580
9,134,818
Total Assets
67,812,180
327,161 68,139,341
27,212,417
DEFERRED OUTFLOWS OF
RESOURCES
Deferred Items - IMRF 483,363 - 483,363 -
Deferred Items - RBP 284,803 - 284,803 111,425
Unamortized Asset Retirement Obligation 727,500 - 727,500 -
Total Deferred Outflows of Resources 1,495,666 - 1,495,666 111,425
Total Assets and Deferred
Outflows of Resources 69,307,846 327,161 69,635,007 27,323,842
The notes to the financial statements are an integral part of this statement. 55
42
Governmental
Business -Type Activities - Enterprise Activities
Water and Internal
Sewer Nonmajor Totals Service
LIABILITIES
Compensated Absences Payable
Current Liabilities
3,576 233,084
55,430
Claims Payable
Accounts Payable
$ 1,215,583
9,749
1,225,332
202,053
Accrued Payroll
91,931
1,536
93,467
36,135
Retainage Payable
175,407
-
175,407
-
Due to Other Governments
- 18,069,921
-
Total Noncurrent Liabilities
519
Claims Payable
-
281,227
Accrued Interest Payable
53,194
-
53,194
-
Other Payables
9,894
860
10,754
111,588
Compensated Absences Payable
57,377
894
58,271
13,858
General Obligation Bonds Payable
575,000
-
575,000
-
Total Current Liabilities
2,178,386
13,039
2,191,425
645,380
Noncurrent Liabilities
Compensated Absences Payable
229,508
3,576 233,084
55,430
Claims Payable
268,282
Net Pension Liability - IMRF
Total OPEB Liability - RBP
1,212,224
- 1,212,224
474,267
Asset Retirement Obligation
750,000
- 750,000
-
General Obligation Bonds Payable
18,069,921
- 18,069,921
-
Total Noncurrent Liabilities
20,261,653
3,576 20,265,229
797,979
Total Liabilities 22,440,039 16,615 22,456,654 1,443,359
DEFERRED INFLOWS OF
RESOURCES
Deferred Items - IMRF 1,393,652 - 1,393,652 -
Deferred Items - RBP 326,857 - 326,857 127,879
Total Deferred Inflows of Resources 1,720,509 - 1,720,509 127,879
Total Liabilities and Deferred
Inflows of Resources 24,160,548 16,615 24,177,163 1,571,238
NET POSITION
Net Investment in Capital Assets 29,676,988 - 29,676,988 7,885,234
Unrestricted 15,470,310 310,546 15,780,856 17,867,370
Total Net Position 45,147,298 310,546 45,457,844 25,752,604
The notes to the financial statements are an integral part of this statement. 56
43
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds
For the Fiscal Year Ended December 31, 2021
Operating Revenues
Charges for Services
Contributions
Miscellaneous
Total Operating Revenues
Operating Expenses
Administration
Insurance and Claims
Depreciation and Amortization
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses)
Disposal of Capital Assets
Interest Income
Other Income
Property Taxes
Interest Expense
Change in Net Position
Net Position - Beginning as Restated
Net Position - Ending
Governmental
Business -Type Activities - Enterprise Activities
Water and Internal
Sewer Nonmajor Totals Service
$ 17,735,543 56,289 17,791,832 12,363,338
1,724,782
1,000,558
17,735,543 56,289 17,791,832 15,088,678
14,079,695 176,825 14,256,520 2,531,158
9,245,384
811,517 — 811,517 1,122,375
14,891,212
176,825
15,068,037
12,898,917
(19,159)
106
(19,053)
(83,108)
2,844,331
(120,536)
2,723,795
2,189,761
(14,555)
—
(14,555)
27,077
(19,159)
106
(19,053)
(83,108)
47,230
139
47,369
—
(31,127)
—
(31,127)
—
(661,718)
—
(661,718)
—
(679,329)
245
(679,084)
(56,031)
2,165,002
(120,291)
2,044,711
2,133,730
42,982,296
430,837
43,413,133
23,618,874
45,147,298 310,546 45,457,844 25,752,604
The notes to the financial statements are an integral part of this statement. 57
44
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Cash Flows - Proprietary Funds
For the Fiscal Year Ended December 31, 2021
Governmental
Cash Flows from Noncapital Financing Activities
Property Taxes (31,127) — (31,127) —
Cash Flows from Capital and Related
Financing Activities
Disposal of Capital Assets
Purchase of Capital Assets
Principal Paid on Debt
Interest Paid on Debt
Cash Flows from Investing Activities
Interest Received
Net Change in Cash and Cash Equivalents
Cash and Cash Equivalents - Beginning
Cash and Cash Equivalents - Ending
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities
Operating Income (Loss)
Adjustments to Reconcile Operating Income
Income to Net Cash Provided by
(Used in) Operating Activities:
Depreciation and Amortization
Other Income (Expense)
(Increase) Decrease in Current Assets
Increase (Decrease) in Current Liabilities
Net Cash Provided by Operating Activities
Business -Type
Activities - Enterprise
Activities
(525,000)
Water and
(661,718)
— (661,718) —
Internal
— (5,091,036) (1,743,059)
Sewer
Nonmajor
Totals
Service
Cash Flows from Operating Activities
Receipts from Customers and Users
$ 17,581,312
56,257
17,637,569
3,766,899
Interfund Services Provided
—
10,403,013
Payments to Suppliers
(11,453,754)
(139,839)
(11,593,593)
(11,156,489)
Payments to Employees
(2,305,450)
(36,050)
(2,341,500)
(961,519)
3,822,108
(119,632)
3,702,476
2,051,904
Cash Flows from Noncapital Financing Activities
Property Taxes (31,127) — (31,127) —
Cash Flows from Capital and Related
Financing Activities
Disposal of Capital Assets
Purchase of Capital Assets
Principal Paid on Debt
Interest Paid on Debt
Cash Flows from Investing Activities
Interest Received
Net Change in Cash and Cash Equivalents
Cash and Cash Equivalents - Beginning
Cash and Cash Equivalents - Ending
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities
Operating Income (Loss)
Adjustments to Reconcile Operating Income
Income to Net Cash Provided by
(Used in) Operating Activities:
Depreciation and Amortization
Other Income (Expense)
(Increase) Decrease in Current Assets
Increase (Decrease) in Current Liabilities
Net Cash Provided by Operating Activities
(19,159) 106 (19,053) (83,108)
(1,319,214) (119,526) (1,438,740) 225,737
17,631,177 446,638 18,077,815 13,783,192
16,311,963 327,112 16,639,075 14,008,929
2,844,331 (120,536) 2,723,795 2,189,761
811,517
72,931
(3,904,318)
— (3,904,318) (1,815,990)
(525,000)
— (525,000) —
(661,718)
— (661,718) —
(5,091,036)
— (5,091,036) (1,743,059)
(19,159) 106 (19,053) (83,108)
(1,319,214) (119,526) (1,438,740) 225,737
17,631,177 446,638 18,077,815 13,783,192
16,311,963 327,112 16,639,075 14,008,929
2,844,331 (120,536) 2,723,795 2,189,761
811,517
— 811,517 1,122,375
47,230
139 47,369 —
(154,231)
(32) (154,263) (918,766)
273,261
797 274,058 (341,466)
3,822,108 (119,632) 3,702,476 2,051,904
The notes to the financial statements are an integral part of this statement. 58
45
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Fiduciary Net Position
December 31, 2021
ASSETS
Cash and Cash Equivalents
Investments
U.S. Government Obligations
U.S. Agency Obligations
State and Local Obligations
Corporate Bonds
Real Estate
Mutual Funds
Receivables
Accrued Interest
Due from Other Funds
Prepaids
Total Assets
LIABILITIES
Accounts Payable
NET POSITION
Net Position Restricted for Pensions
Pension
$ 8,086,082
11,956,722
25,620,841
5,303,797
16,555,841
7,920,247
105,857,021
257,304
39,091
3,129
181,600,075
108,515
181,491,560
The notes to the financial statements are an integral part of this statement. 59
46
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Changes in Fiduciary Net Position
For the Fiscal Year Ended December 31, 2021
Total Additions 27,600,857
Deductions
Administration 169,903
Benefits and Refunds 13,307,094
Total Deductions 13,476,997
Change in Fiduciary Net Position 14,123,860
Net Position Restricted for Pensions
Beginning 167,367,700
Ending 181,491,560
The notes to the financial statements are an integral part of this statement. 60
47
Pension
Trust
Additions
Contributions - Employer
S 7,628,966
Contributions - Plan Members
1,669,464
Total Contributions
9,298,430
Investment Income
Interest Earned
949
Net Change in Fair Value
18,556,713
18,557,662
Less Investment Expenses
(255,235)
Net Investment Income
18,302,427
Total Additions 27,600,857
Deductions
Administration 169,903
Benefits and Refunds 13,307,094
Total Deductions 13,476,997
Change in Fiduciary Net Position 14,123,860
Net Position Restricted for Pensions
Beginning 167,367,700
Ending 181,491,560
The notes to the financial statements are an integral part of this statement. 60
47
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Village of Mount Prospect (Village), Illinois, was incorporated in 1917. The Village operates under the
Council/Manager form of government. The appointed manager administers daily operations with the community
while the elected Village Mayor and six -member Board of Trustees determine Village policy. The Village's major
operations include public works, finance, police, fire, community development, human services and
communications.
The government -wide financial statements are prepared in accordance with generally accepted accounting
principles (GAAP). The Governmental Accounting Standards Board (GASB) is responsible for establishing
GAAP for state and local governments through its pronouncements (Statements and Interpretations). The more
significant of the Village's accounting policies established in GAAP and used by the Village are described below.
REPORTING ENTITY
The Village's financial reporting entity comprises the following:
Primary Government: Village of Mount Prospect
In determining the financial reporting entity, the Village complies with the provisions of GASB Statement No. 61,
"The Financial Reporting Omnibus - an Amendment of GASB Statements No. 14 and No. 34," and includes all
component units that have a significant operational or financial relationship with the Village. Based upon the
criteria set forth in the GASB Statement No. 61, there are no component units included in the reporting entity.
Police Pension Employees Retirement System
The Village's sworn police employees participate in the Police Pension Employees Retirement System (PPERS).
PPERS functions for the benefit of these employees and is governed by a five -member pension board. Two
members appointed by the Village's Mayor, one elected pension beneficiary and two elected police employees
constitute the pension board. The participants are required to contribute a percentage of salary as established by
state statute and the Village is obligated to fund all remaining PPERS costs based upon actuarial valuations. The
State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial
assumptions used in the determination of contribution levels. Although it is legally separate from the Village, the
PPERS is reported as if it were part of the primary government because its sole purpose is to provide retirement
benefits for the Village's police employees. The PPERS is reported as a fiduciary fund, and specifically a pension
trust fund, due to the fiduciary responsibility exercised over the PPERS.
Firefighters' Pension Employees Retirement System
The Village's sworn firefighters participate in the Firefighters' Pension Employees Retirement System (FPERS).
FPERS functions for the benefit of these employees and is governed by a five -member pension board, with two
members appointed by the Village's Mayor, two elected from active participants of the Fund, and one elected
pension beneficiary of the Fund. The participants are required to contribute a percentage of salary as established
by state statute and the Village is obligated to fund all remaining FPERS costs based upon actuarial valuations.
The State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial
assumptions used in the determination of contribution levels. Although it is legally separate from the Village, the
FPERS is reported as if it were part of the primary government because its sole purpose is to provide retirement
benefits for the Village's sworn firefighters. The FPERS is reported as a fiduciary fund, and specifically a pension
trust fund, due to the fiduciary responsibility exercised over the FPERS.
48 61
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF PRESENTATION
Government -Wide Statements
The Village's basic financial statements include both government -wide (reporting the Village as a whole) and
fund financial statements (reporting the Village's major funds). Both the government -wide and fund financial
statements categorize primary activities as either governmental or business -type. The Village's police and fire
safety, highways and street maintenance and reconstruction, building code enforcement, public improvements,
economic development, planning and zoning, and general administrative services are classified as governmental
activities. The Village's waterworks and sewerage, and commuter parking activities are classified as business -
type activities.
In the government -wide Statement of Net Position, both the governmental and business -type activities columns
are: (a) presented on a consolidated basis by column, and (b) reported on a full accrual, economic resource basis,
which recognizes all long-term assets/deferred outflows and receivables as well as long-term debt/deferred
inflows and obligations.
The Village's net position is reported in three parts: net investment in capital assets; restricted; and unrestricted.
The Village utilizes restricted resources to finance qualifying activities.
The government -wide Statement of Activities reports both the gross and net cost of each of the Village's
functions and business -type activities (administration and finance, public safety, public works, development
services, etc.). The functions are supported by administration and finance revenues (property, sales and use taxes,
certain intergovernmental revenues, fines, permits and charges, etc.). The Statement of Activities reduces gross
expenses (including depreciation) by related program revenues, which include 1) charges to customers or
applicants who purchase, use or directly benefit from goods, services or privileges provided by a given function or
segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a
particular function or segment.
The net costs (by function or business -type activity) are normally covered by general revenue (property taxes,
intergovernmental revenues, fines, permits and charges, etc.).
This government -wide focus is more on the sustainability of the Village as an entity and the change in the
Village's net position resulting from the current year's activities.
Fund Financial Statements
The financial transactions of the Village are reported in individual funds in the fund financial statements. Each
fund is accounted for by providing a separate set of self -balancing accounts that comprise its assets/deferred
outflows, liabilities/deferred inflows, fund equity, revenues and expenditures/expenses. Funds are organized into
three major categories: governmental, proprietary, and fiduciary. The emphasis in fund financial statements is on
the major funds in either the governmental or business -type activities categories.
49 62
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF PRESENTATION - Continued
Fund Financial Statements - Continued
GASB Statement No. 34 sets forth minimum criteria (percentage of the assets/deferred outflows, liabilities/
deferred inflows, revenues or expenditures/expenses of either fund category or the governmental and enterprise
combined) for the determination of major funds. The Village electively added funds, as major funds, which either
had debt outstanding or specific community focus. The nonmajor funds are combined in a column in the fund
financial statements. A fund is considered major if it is a primary operating fund of the Village or meets the
following criteria:
Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of that
individual governmental or enterprise fund are at least 10 percent of the corresponding total for all funds
of that category or type; and
Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of the
individual governmental or enterprise fund are at least 5 percent of the corresponding total for all
governmental and enterprise funds combined.
The various funds are reported by generic classification within the financial statements. The following fund types
are used by the Village:
Governmental Funds
The focus of the governmental funds' measurement (in the fund statements) is upon determination of financial
position and changes in financial position (sources, uses, and balances of financial resources) rather than upon net
income. The following is a description of the governmental funds of the Village:
General Fund is the general operating fund of the Village. It accounts for all revenues and expenditures of the
Village which are not accounted for in other funds. The General Fund is a major fund.
Special Revenue Funds are used to account for the proceeds of specific revenue sources that are legally restricted
to expenditures for specified purposes. The Village maintains one major special revenue fund, the Prospect and
Main TIF Fund, which is used to account for the resources to acquire property and construct certain improvements
in the Prospect and Main Tax Incremental Financing District. Financing is being provided by incremental
property taxes, general obligation bond proceeds, and investment income. The Village also maintains eight
nonmajor special revenue funds.
Debt Service Funds are used to account for the accumulation of funds for the periodic payment of principal and
interest on general long-term debt. The Village maintains one major debt service fund, the Debt Service Fund.
The Debt Service Fund is used to account for the payment of interest and principal on the Village's general long-
term debt obligations for the governmental activities.
50 63
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF PRESENTATION - Continued
Fund Financial Statements - Continued
Governmental Funds - Continued
Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of
major capital facilities (other than those financed by business-type/proprietary funds). The Village maintains one
major capital projects fund, the Police and Fire Building Construction Fund. The Police and Fire Building
Construction Fund is used to account for the resources to construct the police and fire building. Financing is
provided primarily by general obligation bond proceeds. The Village also maintains three nonmajor capital
projects funds.
Proprietary Funds
The focus of proprietary fund measurement is upon determination of operating income, changes in net position,
financial position, and cash flows. The generally accepted accounting principles applicable are those similar to
businesses in the private sector.
Enterprise Funds account for operations for which a fee is charged to external users for goods or services and the
activity (a) is financed with debt that is solely secured by a pledge of the net revenues, (b) has third party
requirements that the cost of providing services, including capital costs, be recovered with fees and charges or (c)
establishes fees and charges based on a pricing policy designed to recover similar costs. The Village maintains
one major enterprise fund, the Water and Sewer, which is used to account for the activities of the water and sewer
operations. The Village operates sewerage lift and relief stations and waste water collection systems and the water
distribution system. The Village maintains two nonmajor enterprise funds.
Internal Service Funds are used to account for the financing of goods or services provided by an activity to other
departments, funds or component units of the Village on a cost -reimbursement basis. The Village maintains four
internal services funds. The Computer Replacement Fund is used to account for the acquisition of Village
computer hardware. Financing is being provided by charges to various Village funds. The Risk Management Fund
is used to account for the servicing and payment of claims for liability, property, casualty coverage, workers'
compensation and medical benefits. Financing is being provided by charges in the various Village funds. The
Vehicle Replacement Fund is used to account for the acquisition and depreciation of Village vehicles. Financing
is being provided by charges to the General, Water and Sewer, Parking System Revenue and Village Parking
Funds. The Vehicle Maintenance Fund is used to account for the maintenance and repair of all Village vehicles.
Financing is being provided by charges to various Village funds.
The Village's internal service funds are presented in the proprietary funds financial statements. Because the
principal users of the internal services are the Village's governmental activities, the financial statements of the
internal service funds are consolidated into the governmental column when presented in the government -wide
financial statements. To the extent possible, the cost of these services is reported in the appropriate functional
activity (general government, public safety, highways and streets, etc.).
51 64
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF PRESENTATION - Continued
Fund Financial Statements - Continued
Fiduciary Funds
Fiduciary funds are used to report assets held in a trustee or custodial capacity for others and therefore are not
available to support Village programs. The reporting focus is on net position and changes in net position and is
reported using accounting principles similar to proprietary funds.
Pension Trust Funds are used to account for assets held in a trustee capacity for pension benefit payments. The
Police Pension Fund accounts for the accumulation of resources to pay retirement and other related benefits for
sworn members of the Village's police force. The Firefighters' Pension Fund accounts for the accumulation of
resources to pay retirement and other related benefits for sworn members of the Village's Fire Department.
The Village's pension trust funds are presented in the fiduciary fund financial statements. Since by definition
these assets are being held for the benefit of a third party (pension participants) and cannot be used to address
activities or obligations of the Village, these funds are not incorporated into the government -wide statements.
MEASUREMENT FOCUS AND BASIS OF ACCOUNTING
Measurement focus is a term used to describe "which" transactions are recorded within the various financial
statements. Basis of accounting refers to "when" transactions are recorded regardless of the measurement focus
applied.
Measurement Focus
On the government -wide Statement of Net Position and the Statement of Activities, both governmental and
business -type activities are presented using the economic resources measurement focus as defined below.
In the fund financial statements, the "current financial resources" measurement focus or the "economic resources"
measurement focus is used as appropriate.
All governmental funds utilize a "current financial resources" measurement focus. Only current financial assets/
deferred outflows and liabilities/deferred inflows are generally included on their balance sheets. Their operating
statements present sources and uses of available spendable financial resources during a given period. These funds
use fund balance as their measure of available spendable financial resources at the end of the period.
All proprietary and pension trust funds utilize an "economic resources" measurement focus. The accounting
objectives of the "economic resources" measurement focus is the determination of operating income, changes in
net position (or cost recovery), financial position, and cash flows. All assets/deferred outflows, liabilities/deferred
inflows (whether current or noncurrent) associated with their activities are reported.
52 65
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
MEASUREMENT FOCUS AND BASIS OF ACCOUNTING - Continued
Basis of Accounting
In the government -wide Statement of Net Position and Statement of Activities, governmental and business -type
activities are presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are
recognized when earned and expenses are recorded when the liability/deferred inflow is incurred or economic
asset used. Revenues, expenses, gains, losses, assets/deferred outflows, and liabilities/deferred inflows resulting
from exchange and exchange -like transactions are recognized when the exchange takes place.
In the fund financial statements, governmental funds are presented on the modified accrual basis of accounting.
Under this modified accrual basis of accounting, revenues are recognized when "measurable and available."
Measurable means knowing or being able to reasonably estimate the amount. Available means collectible within
the current period or within sixty days after year end. The Village recognizes property taxes when they become
both measurable and available in accordance with GASB Codification Section P70. A sixty-day availability
period is used for revenue recognition for all other governmental fund revenues. Expenditures (including capital
outlay) are recorded when the related fund liability is incurred, except for general obligation bond principal and
interest which are recognized when due.
In applying the susceptible to accrual concept under the modified accrual basis, those revenues susceptible to
accrual are property taxes, sales and use taxes, income taxes, use taxes, telecommunications taxes, local and state
motor fuel taxes, food and beverages taxes, replacement taxes, franchise taxes, utility taxes, hotel/motel taxes,
fines, interest revenue, and charges for services. All other revenues are not susceptible to accrual because
generally they are not measurable until received in cash.
All proprietary funds and pension trust funds utilize the accrual basis of accounting. Under the accrual basis of
accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or
economic asset used.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and
expenses generally result from providing services and producing and delivering goods in connection with a
proprietary fund's principal ongoing operations. The principal operating revenues of the Village's enterprise funds
and of the Village's internal service funds are charges to customers for sales and services. The Village also
recognizes as operating revenue the portion of tap fees intended to recover the cost of connecting new customers
to the system. Operating expenses for enterprise funds and internal service funds include the cost of sales and
services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this
definition are reported as nonoperating revenues and expenses.
53 66
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR
EQUITY
Cash and Investments
Cash and cash equivalents on the Statement of Net Position are considered to be cash on hand, demand deposits,
cash with fiscal agent. For the purpose of the proprietary funds "Statement of Cash Flows," cash and cash
equivalents are considered to be cash on hand, demand deposits, cash with fiscal agent, and all highly liquid
investments with an original maturity of three months or less.
Investments are generally reported at fair value. Short-term investments are reported at cost, which approximates
fair value. For investments, the Village categorizes its fair value measurements within the fair value hierarchy
established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to
measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2
inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs.
Interfund Receivables, Payables and Activity
Interfund activity is reported as loans, services provided, reimbursements or transfers. Loans are reported as
interfund receivables and payables as appropriate and are subject to elimination upon consolidation. Services
provided, deemed to be at market or near market rates, are treated as revenues and expenditures/expenses.
Reimbursements are when one fund incurs a cost, charges the appropriate benefiting fund and reduces its related
cost as a reimbursement. All other interfund transactions are treated as transfers. Any residual balances
outstanding between the governmental activities and business -type activities are reported in the government -wide
financial statements as "internal balances."
Receivables
In the government -wide financial statements, receivables consist of all revenues earned at year-end and not yet
received. Allowances for uncollectible accounts receivable are based upon historical trends and the periodic aging
of accounts receivable. Major receivables balances for governmental activities include property taxes, sales and
use taxes, income taxes, utility taxes, and grants. Business -type activities report charges for services as their major
receivables.
Prepaids/Inventories
Prepaids/inventories are valued at cost, which approximates market, using the first-in/first-out (FIFO) method.
The cost of governmental fund -type prepaids/inventories are recorded as expenditures when consumed rather than
when purchased. Certain payments to vendors reflect costs applicable to future accounting periods and are
recorded as prepaids in both the government -wide and fund financial statements.
Deferred Outflows/Inflows of Resources
Deferred outflow/inflow of resources represents an acquisition/reduction of net position that applies to a future
period and therefore will not be recognized as an outflow of resources (expense)/inflow of resources (revenue)
until that future time.
54 67
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR
EQUITY - Continued
Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges,
stormsewers, and similar items), are reported in the applicable governmental or business -type activities columns
in the government -wide financial statements. Capital assets, other than infrastructure, buildings and
improvements, purchased or acquired with an original cost of over $20,000 and infrastructure, buildings and
improvements with an original cost of over $50,000 are reported at historical cost, or estimated historical cost.
Additions, improvements, and other capital outlays that significantly extend the useful life of an asset are
capitalized. Other costs incurred for repairs and maintenance are expensed as incurred.
The accounting and financial reporting treatment applied to a fund is determined by its measurement focus.
General capital assets are long-lived assets of the Village as a whole. Infrastructure such as streets and storm
sewers are capitalized. In the case of the initial capitalization of general infrastructure assets (i.e., those reported
by the governmental activities) the government chose to include all such items regardless of their acquisition date.
The valuation basis for general capital assets is historical cost, or where historical cost is not available, estimated
historical cost based on replacement costs.
Capital assets in the proprietary funds are capitalized in the fund in which they are utilized. The valuation bases
for proprietary fund capital assets are the same as those used for the general capital assets. Donated capital assets
are capitalized at acquisition value on the date donated.
Depreciation on all assets is computed and recorded using the straight-line method of depreciation over the
following estimated useful lives:
Buildings and Improvements 20 - 50 Years
Vehicles 2 - 20 Years
Machinery and Equipment 2 - 20 Years
Infrastructure 15 - 50 Years
Compensated Absences
The Village accrues accumulated unpaid vacation and associated employee -related costs when earned (or
estimated to be earned) by the employee. In accordance with GASB Statement No. 16, no liability is recorded for
nonvesting accumulation rights to receive sick pay benefits. However, a liability is recognized for that portion of
accumulated sick leave that is estimated to be taken as "terminal leave" prior to retirement.
All vacation pay is accrued when incurred in the government -wide and proprietary fund financial statements. A
liability for these amounts is reported in the governunental funds only if they have matured, for example, as a
result of employee resignations and retirements.
55 68
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR
EQUITY - Continued
Long -Term Obligations
In the government -wide financial statements, and proprietary fund types in the fund financial statements, long-
term debt and other long-term obligations are reported as liabilities in the applicable governmental activities,
business -type activities, or proprietary fund type Statement of Net Position. Bond premiums and discounts are
deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported
net of the applicable bond premium or discount. Bond issuance costs are reported as expenses at the time of
issuance.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as
bond issuance costs, during the current period. The face amount of debt issued is reported as other financing
sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt
issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt
proceeds received, are reported as debt service expenditures.
Net Position
In the government -wide financial statements, equity is classified as net position and displayed in three
components:
Net Investment in Capital Assets - Consists of capital assets, including restricted capital assets, net of
accumulated depreciation, and reduced by the outstanding balances of any bonds, mortgages, notes or
other borrowings that are attributable to the acquisition, construction, or improvement of those assets.
Restricted - Consists of net position with constraints placed on the use either by (1) external groups such
as creditors, grantors, contributors, or laws or regulations of other governments; or (2) law through
constitutional provisions or enabling legislation.
Unrestricted - All other net position balances that do not meet the definition of "restricted" or "net
investment in capital assets."
NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
BUDGETARY INFORMATION
All departments of the Village submit requests for appropriations to the Village Manager so that a budget may be
prepared. The budget is prepared by fund and includes information on the past year, current year estimates and
requested appropriations for the next fiscal year. Budgets are adopted on a basis consistent with generally
accepted accounting principles. Annual appropriated budgets are adopted for the General, Special Revenue, Debt
Service, Capital Projects, Enterprise, Internal Service and Pension Trust Funds. All annual appropriations lapse at
fiscal year end.
56
69
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY - Continued
BUDGETARY INFORMATION - Continued
The proposed budget is presented to the governing body for review. The governing body holds public hearings
and may add to, subtract from, or change appropriations, but may not change the forin of the budget.
The Village Manager is authorized to transfer budgeted amounts between departments within any fund; however,
any revisions that alter the total expenditures of any fund must be approved by the governing body. Expenditures
may not legally exceed budgeted appropriations at the fund level. During the year, budget amendments were
approved by the Village Board. The final budget figures included in this report reflect all budget amendments
made during the year.
EXCESS OF ACTUAL EXPENDITURES OVER BUDGET IN INDIVIDUAL FUNDS
The following funds had an excess of actual expenditures over budget as of the date of this report:
Fund Excess
Business District $ 83,245
NOTE 3 - DETAIL NOTES ON ALL FUNDS
DEPOSITS AND INVESTMENTS
The Village maintains a cash and investment pool that is available for use by all funds except the pension trust
funds. Each fund type's portion of this pool is displayed on the financial statements as "cash and investments." In
addition, investments are separately held by several of the Village's funds. The deposits and investments of the
pension trust funds are held separately from those of other funds.
Permitted Deposits and Investments - Illinois Statutes authorizes the Village to make deposits/invest in
commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, obligations
of States and their political subdivisions, credit union shares, repurchase agreements, commercial paper rated
within the three highest classifications by at least two standard rating services, Illinois Funds and the Illinois
Public Reserves Investment Management Trust.
57 70
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
The deposits and investments of the Pension Funds are held separately from those of other Village funds. Illinois
Statutes authorizes the Pension Fund to make deposits/invest in interest bearing direct obligations of the United
States of America; obligations that are fully guaranteed or insured as to the payment of principal and interest by
the United States of America; bonds, notes, debentures, or similar obligations of agencies of the United States of
America; savings accounts or certificates of deposit issued by banks or savings and loan associations chartered by
the United States of America or by the State of Illinois, to the extent that the deposits are insured by the agencies
or instrumentalities of the federal government; credit unions, to the extent that the deposits are insured by the
agencies or instrumentalities of the federal government; State of Illinois bonds; pooled accounts managed by the
Illinois Funds Market Fund (Formerly known as IPTIP, Illinois Public Treasurer's Investment Pool), or by banks,
their subsidiaries or holding companies, in accordance with the laws of the State of Illinois; bonds or tax
anticipation warrants of any county, township, or municipal corporation of the State of Illinois; direct obligations
of the State of Israel; money market mutual funds managed by investment companies that are registered under the
Federal Investment Company Act of 1940 and the Illinois Securities Law of 1953 and are diversified, open-ended
management investment companies, provided the portfolio is limited to specified restrictions; general accounts of
life insurance companies; and separate accounts of life insurance companies and mutual funds, the mutual funds
must meet specific restrictions, provided the investment in separate accounts and mutual funds does not exceed
ten percent of the Pension Fund's plan net position; and corporate bonds managed through an investment advisor,
rated as investment grade by one of the two largest rating services at the time of purchase. Pension Funds with
plan net position of $2.5 million or more may invest up to forty-five percent of plan net position in separate
accounts of life insurance companies and mutual funds. Pension Funds with plan net position of at least $5 million
that have appointed an investment advisor, may through that investment advisor invest up to forty-five percent of
the plan net position in common and preferred stocks that meet specific restrictions. In addition, Pension Funds
with plan net position of at least $10 million that have appointed an investment advisor, may invest up to fifty
percent of its net position in common and preferred stocks and mutual funds that meet specific restrictions
effective July 1, 2011 and up to fifty-five percent effective July 1, 2012.
The Illinois Funds is an investment pool managed by the Illinois Public Treasurer's Office which allows
governments within the State to pool their funds for investment purposes. Illinois Funds is not registered with the
SEC as an investment company. Investments in Illinois Funds are valued at the share price, the price for which the
investment could be sold.
The Illinois Public Reserves Investment Management Trust (IPRIME) is an investment opportunity and cash
management service for Illinois Municipal Treasurers acting on behalf of counties, townships, cities, towns,
villages, special road districts, public water supply districts, fire protection districts, drainage districts, levee
districts, sewer districts, housing authorities, and all other political corporations or subdivisions of the State of
Illinois. Participation in IPRIME is voluntary. IPRIME is not registered with the SEC as an Investment Company.
Investments in IPRIME are valued at the share price, the price for which the investment could be sold.
58 71
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Village - Interest Rate Risk, Credit Risk, Custodial Credit Risk, and Concentration Risk
Deposits. At year-end, the carrying amount of the Village's deposits for governmental and business -type totaled
$21,946,311 and the bank balances totaled $22,952,530. In addition, the Village has $30,246,176 invested in
IPRIME, and $24,266,558 invested in the Illinois Funds at year-end, which have an average maturity of less than
one year.
Interest Rate Risk. Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of
an investment. In accordance with its investment policy, the Village limits its exposure to interest rate risk by
structuring the portfolio to provide liquidity for short and long-term cash flow needs while providing a reasonable
rate of return based on the current market. Unless matched to a specific cash flow, maturities should not exceed
two years from the date of purchase.
Credit Risk. Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its
obligations. The Village limits its exposure to credit risk by permitting investments in only those securities
allowed under law and by specifically prohibiting investments in leveraged or derivative securities. The Illinois
Funds and the IPRIME were rated AAAm by Standard & Poor's.
Custodial Credit Risk. In the case of deposits, this is the risk that in the event of a bank failure, the Village's
deposits may not be returned to it. The Village's investment policy requires pledging of collateral for all bank
balances in excess of federal depository insurance, at an amount not less than 105% of the fair market value of the
funds secured, with the collateral witnessed by a written collateral agreement and held by an independent third
party in the Village's name. At year-end, the entire amount of the bank balance of deposits was covered by
collateral, federal depository or equivalent insurance.
For an investment, this is the risk that in the event of the failure of the counterparty, the Village will not be able to
recover the value of its investments or collateral securities that are in the possession of an outside party. To limit
its exposure, the Village's investment policy requires all security transactions that are exposed to custodial credit
risk to be processed on a delivery versus payment (DVP) basis with the underlying investments held by an
independent third -party custodian and evidenced by safekeeping receipts and a written custodial agreement. The
Illinois Funds, and money market mutual funds are not subject to custodial credit risk.
Concentration Risk. This is the risk of loss attributed to the magnitude of the Village's investment in a single
issuer. The Village's investment policy requires diversification of investment to avoid unreasonable risk. The
Village's investment policy states the Village's portfolio shall be diversified in order to limit the investment
holdings of a specific issuer or business sector to avoid over concentration in any one institution or area excluding
investments in U.S. Treasury securities and authorized investment pools. At year-end, the Village does not have
any investments over 5 percent of the cash and investment portfolio (other than investments issued or explicitly
guaranteed by the U.S. government and investments in mutual funds, external investment pools, and other pooled
investments).
59 72
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Police Pension Fund - Interest Rate Risk, Credit Risk, Custodial Credit Risk, and Concentration Risk
Deposits. At year-end, the carrying amount of the Fund's deposits totaled $3,373,305 and the bank balances
totaled $3,373,305.
Investments. The following table presents the investments and maturities of the Fund's debt securities as of
December 31, 2021:
Investment Maturities (in Years)
Fair Less Than More Than
Investment Type Value 1 1-5 6-10 10
U.S. Government Obligations
$ 3,921,780
651,878
2,008,369
1,261,533 —
U.S. Agency Obligations
15,444,450
328,304
3,022,554
10,123,993 1,969,599
State and Local Obligations
4,886,907
105,000
1,416,857
2,990,247 374,803
Corporate Bonds
6,236,889
1,115,890
3,811,388
1,309,611 —
Totals 30,490,026 2,201,072 10,259,168 15,685,384 2,344,402
The Fund has the following recurring fair value measurements as of December 31, 2021:
Investments by Fair Value Level
Debt Securities
U.S. Government Obligations
U.S. Agency Obligations
State and Local Obligations
Corporate Bonds
Equity Securities
Mutual Funds
Fair Value Measurements Using
Quoted
Prices
in Active
Significant
Markets for
Other
Significant
Identical
Observable
Unobservable
Assets
Inputs
Inputs
Totals (Level 1)
(Level 2)
(Level 3)
$ 3,921,780 3,921,780
15,444,450 — 15,444,450 —
4,886,907 — 4,886,907 —
6,236,889 — 6,236,889 —
62,510,528 62,510,528
Total Investments Measured at Fair Value 93,000,554 66,432,308 26,568,246 —
60 73
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Police Pension Fund - Interest Rate Risk, Credit Risk, Custodial Credit Risk, and Concentration Risk -
Continued
Investinents - Continued. Debt Securities classified in Level 2 of the fair value hierarchy are valued using a matrix
pricing technique. Matrix pricing is used to value securities based on the securities' relationship to benchmark
quoted prices.
Interest Rate Risk. In accordance with its investment policy, the Fund limits its exposure to interest rate risk by
structuring the portfolio to provide liquidity for all reasonably anticipated operating requirements while providing
a reasonable rate of return based on the current market with a minimum return of 7% desired during a market
cycle. In addition, no investment in a fixed income security shall have a maturity of greater than 30 years from the
time of purchase.
Credit Risk. The Fund's investment policy does not address the management of credit risk other than to limit
investments to those allowed by state statutes. At year-end, the Fund's investments in U.S. Agency obligations
were rated Aaa or not available by Moody's, the state and local obligations were rated Aaa to Aaa3 by Moody's,
and the corporate bonds were rated Aaa to Baal by Moody's.
Custodial Credit Risk. For deposits, this is the risk that in the event of bank failure the Fund's deposits may not be
returned to it. The Fund's investment policy does not address custodial credit risk for deposits. At December 31,
2021, the entire amount of the bank balance of the deposits was covered by federal depository or equivalent
insurance.
For investments, the Fund's investment policy limits its exposure by requiring all security transactions that are
exposed to custodial credit risk to be processed on a delivery versus payment (DVP) basis with the underlying
investments held by a third party custodian, in the name of the respective Fund, and evidenced by safekeeping
receipts.
Concentration Risk. The Fund's investment policy requires diversification of investment to avoid unreasonable
risk. No financial institution, except any securities custodians of the Fund, shall hold more than 10% of the Fund's
portfolio at any time. Neither shall The Illinois Funds hold more than 10% of the Fund's portfolio at any time. In
addition, the following allocations are desired: depository accounts and money market mutual funds at 1% to 5%,
fixed income securities at 40% to 44%, and equity securities at 55%. In addition to the securities and fair values
listed above, the Fund also has $62,510,528 invested in mutual funds. At year-end, the Fund does not have any
investments (other than investments issued or explicitly guaranteed by the U.S. government and investments in
mutual funds, external investment pools, and other pooled investments) in any one organization that represent 5
percent or more of net position available for retirement benefits.
61 74
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Police Pension Fund - Interest Rate Risk, Credit Risk, Custodial Credit Risk, and Concentration Risk -
Continued
Concentration Risk - Continued. The Fund's investment policy in accordance with Illinois Compiled Statutes
(ILCS) establishes the following target allocation across asset classes:
Long -Term
Expected Real
Asset Class Target Return
Fixed Income
Equity Mutual Funds
Cash
35.00% 1.40%
65.00% 6.25%
0.00% 0.00%
Illinois Compiled Statutes (ILCS) limit the Fund's investments in equities, mutual funds and variable annuities to
65%. Securities in any one company should not exceed 5% of the total fund.
The long-term expected rate of return on the Fund's investments was determined using an asset allocation study
conducted by the Fund's investment management consultant in April 2022 in which best -estimate ranges of
expected future real rates of return (net of pension plan investment expense and inflation) were developed for
each major asset class. These ranges were combined to produce the long-term expected rate of return by
weighting the expected future real rates of return by the target asset allocation percentage and by adding the
expected inflation. Best estimates or arithmetic real rates of return for each major asset class included in the
Fund's target asset allocation as of December 31, 2021 are listed in the table above.
Rate of Return
For the year ended December 31, 2021, the annual money -weighted rate of return on pension plan investments,
net of pension plan investment expense, was 15.66%. The money -weighted rate of return expresses investment
performance, net of investment expense, adjusted for the changing amounts actually invested.
62 75
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Firefighters' Pension Fund - Interest Rate Risk, Credit Risk, Custodial Credit Risk, and Concentration
Risk
Deposits. At year-end, the carrying amount of the Fund's deposits totaled $4,712,777 and the bank balances
totaled $4,712,687.
Investments. At year-end, the Firefighters' Pension Fund has the following investments and maturities:
Investment Maturities (in Years)
Fair Less Than More Than
Investment Type Value 1 1-5 6-10 10
U.S. Government Obligations
$ 8,034,942
1,299,935
4,389,846 2,345,161 —
U.S. Agency Obligations
10,176,391
2,520
2,991,210 1,129,300 6,053,361
State and Local Obligations
416,890
105,000
311,890
Corporate Bonds
10,318,952
810,221
6,083,968 3,285,018 139,745
Totals 28,947,175 2,217,676 13,776,914 6,759,479 6,193,106
The Fund has the following recurring fair value measurements as of December 31, 2021:
Total Investments Measured at Fair Value 80,213,915 59,301,682 20,912,233 —
63 76
Fair Value Measurements Using
Quoted
Prices
in Active
Significant
Markets for
Other
Significant
Identical
Observable
Unobservable
Assets
Inputs
Inputs
Investments by Fair Value Level
Totals
(Level 1)
(Level 2)
(Level 3)
Debt Securities
U.S. Government Obligations
$ 8,034,942
8,034,942
U.S. Agency Obligations
10,176,391
—
10,176,391
—
State and Local Obligations
416,890
—
416,890
—
Corporate Bonds
10,318,952
—
10,318,952
—
Equity Securities
Real Estate Annuity
7,920,247
7,920,247
Mutual Funds
43,346,493
43,346,493
Total Investments Measured at Fair Value 80,213,915 59,301,682 20,912,233 —
63 76
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Firefighters' Pension Fund - Interest Rate Risk, Credit Risk, Custodial Credit Risk, and Concentration
Risk - Continued
Investments - Continued. Debt Securities classified in Level 2 of the fair value hierarchy are valued using a matrix
pricing technique. Matrix pricing is used to value securities based on the securities' relationship to benchmark
quoted prices.
Interest Rate Risk. In accordance with its investment policy, the Fund limits its exposure to interest rate risk by
structuring the portfolio to provide liquidity for all reasonably anticipated operating requirements while providing
a reasonable rate of return based on the current market with a minimum return of 7% desired during a market
cycle. In addition, no investment in a fixed income security shall have a maturity of greater than 30 years from the
time of purchase.
Credit Risk. The Fund's investment policy does not address the management of credit risk other than to limit
investments to those allowed by state statutes. At year-end, the Fund's investments in U.S. Agency obligations
were rated Aaa or not available by Moody's, the state and local obligations were rated Aaa to Aaa3 by Moody's,
and the corporate bonds were rated Aaa to Baa2 by Moody's.
Custodial Credit Risks. For deposits, the Fund's investment policy requires pledging of collateral for all bank
balances in excess of federal depository insurance, at an amount not less than 110% of the fair market value of the
funds secured, with the collateral held by an independent third party or the Federal Reserve Bank, and evidenced
by safekeeping receipts. At December 31, 2021, the entire amount of the bank balance of the deposits was
covered by federal depository or equivalent insurance.
For investments, the Fund will not be able to recover the value of its investments that are in possession of an
outside party. To limit its exposure, the Fund's investment policy requires all security transactions that are
exposed to custodial credit risk to be processed on a delivery versus payment (DVP) basis with the underlying
investments held by a third -party custodian and evidenced by safekeeping receipts.
Concentration Risk. The Fund's investment policy requires diversification of investment to avoid unreasonable
risk. No financial institution, except any securities custodians and fixed income investment managers of the Fund,
shall hold more than 10% of the Fund's portfolio at any time. Neither shall The Illinois Funds hold more than
10% of the Fund's portfolio at any time. In addition, the following allocations are desired: depository accounts
and money market mutual funds at 1% to 5%, fixed income securities at 50% to 54%, and 55% in equity
securities. In addition to the securities and fair values listed above, the Fund also has $43,346,493 invested in
mutual funds and $7,920,247 invested in real estate. At year-end, the Fund has over 5 percent of net plan assets
available for retirement benefits (other than investments issued or explicitly guaranteed by the U.S. government
and investments in mutual funds, external investment pools, and other pooled investments) invested in Real Estate
Annuity of $7,920,247.
64 77
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Firefighters' Pension Fund - Interest Rate Risk, Credit Risk, Custodial Credit Risk, and Concentration
Risk - Continued
Concentration Risk - Continued. The Fund's investment policy in accordance with Illinois Compiled Statutes
(ILLS) establishes the following target allocation across asset classes:
Long -Term
Expected Real
Asset Class Target Return
Fixed Income 35.00% 2.50%
Equity Mutual Funds 55.00% 6.25%
Real Estate 10.00% 4.50%
Cash 0.00% 0.00%
Illinois Compiled Statutes (ILCS) limit the Fund's investments in equities, mutual funds and variable annuities to
65%. Securities in any one company should not exceed 5% of the total fund.
The long-term expected rate of return on the Fund's investments was determined using an asset allocation study
conducted by the Fund's investment management consultant in April 2022 in which best -estimate ranges of
expected future real rates of return (net of pension plan investment expense and inflation) were developed for
each major asset class. These ranges were combined to produce the long-term expected rate of return by
weighting the expected future real rates of return by the target asset allocation percentage and by adding the
expected inflation. Best estimates or arithmetic real rates of return for each major asset class included in the
Fund's target asset allocation as of December 31, 2021 are listed in the table above.
Rate of Return
For the year ended December 31, 2021, the annual money -weighted rate of return on pension plan investments,
net of pension plan investment expense, was 8.87%. The money -weighted rate of return expresses investment
performance, net of investment expense, adjusted for the changing amounts actually invested.
PROPERTY TAXES
Property taxes for 2020 attach as an enforceable lien on January 1, on property values assessed as of the same
date. Taxes are levied by December of the subsequent fiscal year (by passage of a Tax Levy Ordinance). Tax bills
are prepared by Cook County and are payable in two installments, on or about March 1 and September 1 during
the following year. The County collects such taxes and remits them periodically. The allowance for uncollectible
taxes has been stated at 2% of the tax levy, to reflect actual collection experience.
65 78
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
CAPITAL ASSETS
Governmental Activities
Governmental capital asset activity for the year was as follows:
Nondepreciable Capital Assets
Land
Construction in Progress
Depreciable Capital Assets
Buildings
Improvements Other than Buildings
Vehicles
Machinery and Equipment
Infrastructure
Less Accumulated Depreciation
Buildings
Improvements Other than Buildings
Vehicles
Machinery and Equipment
Infrastructure
Beginning Ending
Balances Increases Decreases Balances
$ 15,612,320 15,612,320
24,924,802 8,903,022 24,194,836 9,632,988
40,537,122 8,903,022 24,194,836 25,245,308
55,818,844
23,829,915
—
79,648,759
1,516,920
42,997
—
1,516,920
12,462,320
282,575
223,372
12,521,523
6,386,812
198,772
550,169
6,035,415
94,072,716
4,161,723
1,505
98,232,934
170,257,612
28,472,985
775,046
197,955,551
13,551,058
1,348,454
—
14,899,512
427,667
42,997
—
470,664
7,186,486
927,212
177,518
7,936,180
2,723,388
396,075
545,806
2,573,657
75,912,961
2,067,369
1,505
77,978,825
99,801,560
4,782,107
724,829
103,858,838
Total Net Depreciable Capital Assets 70,456,052 23,690,878 50,217 94,096,713
Total Net Capital Assets 110,993,174 32,593,900 24,245,053 119,342,021
Depreciation expense was charged to governmental activities as follows:
General Government
$ 531,147
Public Safety
919,439
Highways and Streets
2,195,806
Health
2,349
Welfare
3,751
Culture and Recreation
7,240
Internal Service
1,122,375
4,782,107
66 79
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
CAPITAL ASSETS - Continued
Business -Type Activities
Business -type capital asset activity for the year was as follows:
Beginning
4,499,808
Balances
Ending
as Restated Increases Decreases
Balances
Nondepreciable Capital Assets
Land $ 17,318,818
17,318,818
Construction in Progress 2,456,520 1,987,904 2,418,527
2,025,897
19,775,338 1,987,904 2,418,527
19,344,715
Depreciable Capital Assets
Building and Improvements
4,499,808
4,499,808
Machinery and Equipment
5,017,968
5,017,968
Infrastructure
38,975,951
4,334,941
648,571
42,662,321
48,493,727
4,334,941
648,571
52,180,097
Less Accumulated Depreciation
Building and Improvements
3,129,107
64,922
—
3,194,029
Machinery and Equipment
3,731,445
112,147
—
3,843,592
Infrastructure
16,135,773
663,525
634,016
16,165,282
22,996,325
840,594
634,016
23,202,903
Total Other Capital Assets
25,497,402
3,494,347
14,555
28,977,194
Total Capital Assets
45,272,740
5,482,251
2,433,082
48,321,909
Depreciation expense was charged to business -type activities as follows:
Water and Sewer
$ 840,594
67 80
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
INTERFUND TRANSFERS
Interfund transfers for the year consisted of the following:
Transfer In Transfer Out Amount
Debt Service Police and Fire Building Construction $ 4,819
Nonmajor Governmental General 4,000,000
Nonmajor Governmental Nonmajor Governmental 540,000
4,544,819
The purpose of significant transfers from/to between funds are as follows:
• $4,819 transferred to the Debt Service Fund from the Police and Fire Building Construction Fund to
transfer the remaining fund balance.
• $4,000,000 transferred to the Capital Improvement Fund ($750,000) and the Flood Control Construction
Fund ($3,250,000), both nonmajor governmental funds, from the General Fund to fund general
construction projects in the Village and to fund the Aspen Trails Flood Control Project.
• $540,000 transferred to the Flood Control Construction Fund, a nonmajor governmental fund, from the
Street Improvement Fund, a nonmajor governmental fund, to fund the Aspen Trails Flood Control
Project.
INTERFUND BALANCES
Interfund balances are advances in anticipation of receipts. The composition of interfund balances as of the date of
this report, is as follows:
Receivable Fund Payable Fund Amount
General Nonmajor Governmental $ 1,801,494
Police Pension General 20,634
Fire Pension General 18,457
1,840,585
68 81
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
INTERGOVERNMENTAL RECEIVABLES
The following receivables are included in due from other governments on the statement of net position:
Governmental Activities
Mount Prospect Public Library
Grants
Miscellaneous
Total
1,557,343
1,834,372
96,011
3,487,726
The Series 2006 General Obligation Library Refunding Bonds, the Series 2011A General Obligation Refunding
Bonds, and the Series 2016 General Obligation Refunding Bonds were issued to provide financing to the Mount
Prospect Public Library (the Library). The Library is repaying these bonds issued by the Village. The Series 2006
General Obligation Library Refunding Bonds were refunded by the Series 2016 General Obligation Refunding
Bonds during fiscal year 2016. The future principal and interest payments owed from the Library are as follows
with the principal portion recorded as an intergovernmental receivable in the debt service fund/governmental
activities.
The annual debt service requirements are as follows:
Fiscal
Year Principal Interest
2022 S 1,550,000 31,000
NOTE 3 - DETAIL NOTES ON ALL FUNDS
LONG-TERM DEBT
Asset Retirement Obligation
The Village has recognized an asset retirement obligation (ARO) and related deferred outflow of resources in
connection with its obligation to seal and abandon various water wells at the end of their estimated useful lives in
accordance with the Illinois Administrative Code Title 77. The ARO was measured using actual historical costs
for similar abandonments, adjusted for inflation through the end of the year. The estimated remaining useful lives
of the water wells are 100 years.
69 82
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM DEBT - Continued
General Obligation Bonds
The Village issues general obligation bonds to provide funds for the acquisition and construction of major capital
facilities. General obligation bonds have been issued for governmental and business -type activities. General
obligation bonds are direct obligations and pledge the full faith and credit of the Village. General obligation bonds
currently outstanding are as follows:
Fund Debt Beginning Ending
Issue Retired by Balances Issuances Retirements Balances
$2,975,000 General Obligation
Bonds of 2012, due in annual
installments of $610,000 to
$885,000 plus interest at 3.10% Debt
through December 1, 2022. Service $ 1,745,000 — 860,000 885,000
$9,800,000 General Obligation
Bonds of 2013, due in annual
installments of $555,000 to
$885,000 plus interest at 3.00% to
4.125% through December 1, Debt
2033. Service 9,245,000 — 570,000 8,675,000
$6,290,000 General Obligation
Bonds of 2014, due in annual
installments of $290,000 to
$1,265,000 plus interest at 3.00% Debt
through December 1, 2023. Service 3,355,000 — 965,000 2,390,000
70 83
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM DEBT - Continued
General Obligation Bonds - Continued
Issue
$8,735,000 General Obligation
Refunding Bonds of 2016, due in
annual installments of $1,375,000
to $1,550,000 plus interest at
2.00% to 3.00% through
December 1, 2022.
Fund Debt Beginning
Retired by Balances
Debt
Service $ 3,065,000
Ending
Issuances Retirements Balances
1,515,000 1,550,000
$9,100,000 General Obligation
Refunding Bonds of 2016A, due
in annual installments of
$120,000 to $1,905,000 plus
interest at 3.00% through Debt
December 1, 2028. Service 8,860,000 8,860,000
$9,740,000 General Obligation
Bonds of 2017, due in annual Prospect and
installments of $125,000 to
Main TIF
4,815,000
— 140,000
4,675,000
$460,000 plus interest at 2.50% to
Water and
4.00% through December 1, 2037.
Sewer
4,535,000
— 150,000
4,385,000
$11,950,000 General Obligation
prospect and
Bonds of 2018A, due in annual
Main TIF
7,060,000
— 180,000
6,880,000
installments of $115,000 to
$700,000 plus interest at 3.25% to
Water and
5.00% through December 1, 2037.
Sewer
4,470,000
— 135,000
4,335,000
$38,440,000 General Obligation
Bonds of 2018B, due in annual
installments of $155,000 to
$3,110,000 plus interest at
3.625% to 5.000% through
Debt
December 1, 2043.
Service
37,585,000
— 360,000
37,225,000
71 84
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM DEBT - Continued
General Obligation Bonds - Continued
Fund Debt Beginning Ending
Issue Retired by Balances Issuances Retirements Balances
$9,600,000 General Obligation
Bonds of 2019A, due in annual
installments of $60,000 to
$800,000 plus interest at 2.00% to Water and
5.00% through December 1, 2039. Sewer $ 9,540,000
$7,725,000 General Obligation
Bonds of 2019B, due in annual
installments of $210,000 to
$740,000 plus interest at 3.00% to Prospect and
5.00% through December 1, 2039. Main TIF 7,725,000
Limited Tax Note Payable
240,000 9,300,000
7,725,000
102,000,000 — 5,115,000 96,885,000
The Village has issued a note payable (direct borrowing) related to a developer agreement. The limited tax note
payable has been issued for the governmental activities and is a limited obligation of the Village, payable solely
from certain tax revenues as set forth in the developer agreement. The developer agreement term will expire upon
the earlier to occur of (a) the expiration of the term of any bonds issued by the Village which yield developer
proceeds equal to the maximum reimbursement amount, (b) the date which all obligations under this agreement
have been discharged, including, but not limited to, payments on any bonds issued by the Village and on the note
payable, or (c) 35 years following the issuance of the note payable. After a final accounting is completed and any
remaining amounts are paid to the developer, the note payable shall be marked "cancelled" and returned to the
Village. Notes payable currently outstanding are as follows:
Fund Debt Beginning Ending
Issue Retired by Balances Issuances Retirements Balances
$25,000,000 Business District
Limited Tax Note Payable of
2010, due in semiannual
installments plus interest at
6.710% contingent upon sufficient Business
pledged revenues. District $ 35,905,176 2,371,070 1,545,724 36,730,522
72 85
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM DEBT - Continued
Long -Term Liabilities Activity
Changes in long-term liabilities during the fiscal year were as follows:
Beginning Ending
Type of Debt Balances Additions Deductions Balances
Governmental Activities
Compensated Absences
General
Internal Services
Claims Payable
Net Pension Liability/(Asset)
IMRF
Police Pension
Firefighters' Pension
Total OPEB Liability - RBP
General
Internal Services
General Obligation Bonds
Unamortized Premium
Business District Limited Tax
Note Payable
S 4,120,193
61,795
104,920
35,632
699,198
208,542
4,140,549 -
37,487,635 7,748,730
32,549,685 7,460,727
Amounts
within
One Year
123,590
4,058,398
932,229
71,264
69,288
13,858
358,231
549,509
281,227
6,818,864
(2,678,315)
45,236,365
40,010,412
13,066,287 -
338,111
12,728,176 -
542,550 -
68,283
474,267 -
83,455,000 -
4,590,000
78,865,000 4,505,000
2,691,970 -
273,802
2,418,168 -
35,905,176 2,371,070
1,545,724
36,730,522 958,001
22,301,994 6,434 1,937,565 20,370,863 633,271
For the governmental activities, payments on the compensated absences, the net pension liabilities/(asset) and the
total OPEB liability are made by the General Fund. Payments on general obligation bonds are being liquidated by
the Debt Service Fund and the Prospect and Main TIF, and the Business District Limited Tax Note Payable is
being liquidated by the Business District Fund. Internal service funds predominantly serve the governmental
funds. Accordingly, long-term liabilities for them are included as part of the above totals for governmental
activities.
73 86
214,763,163
17,886,496 14,187,869
218,461,790 6,690,315
Business -Type Activities
Compensated Absences
297,789
6,434 12,868
291,355 58,271
Net Pension Liability/(Asset) - IMRF
799,264
- 1,326,901
(527,637) -
Total OPEB Liability - RBP
1,248,443
- 36,219
1,212,224 -
Asset Retirement Obligation
750,000
- -
750,000 -
General Obligation Bonds
18,545,000
- 525,000
18,020,000 575,000
Unamortized Premium
661,498
- 36,577
624,921 -
22,301,994 6,434 1,937,565 20,370,863 633,271
For the governmental activities, payments on the compensated absences, the net pension liabilities/(asset) and the
total OPEB liability are made by the General Fund. Payments on general obligation bonds are being liquidated by
the Debt Service Fund and the Prospect and Main TIF, and the Business District Limited Tax Note Payable is
being liquidated by the Business District Fund. Internal service funds predominantly serve the governmental
funds. Accordingly, long-term liabilities for them are included as part of the above totals for governmental
activities.
73 86
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM DEBT - Continued
Long -Term Liabilities Activity - Continued
Additionally, for business -type activities, compensated absences are liquidated by the Water and Sewer, Parking
System Revenue and Village Parking System Funds. The net pension liability/(asset), the total OPEB liability
and the general obligation bonds are being liquidated by the Water and Sewer Fund.
Debt Service Requirements to Maturity
The annual debt service requirements to maturity, including principal and interest, are as follows:
Fiscal
Year
Governmental Activities
General Obligation
Bonds
Principal Interest
Business -Type Activities
General Obligation
Bonds
Principal Interest
2022
$ 4,505,000
2,984,378
575,000
638,332
2023
2,990,000
2,858,192
625,000
611,182
2024
3,125,000
2,758,092
680,000
581,682
2025
3,285,000
2,631,142
740,000
549,582
2026
3,450,000
2,510,192
805,000
514,632
2027
3,605,000
2,384,742
860,000
478,782
2028
3,785,000
2,257,668
920,000
447,832
2029
3,455,000
2,127,075
980,000
414,400
2030
3,750,000
1,975,799
1,045,000
378,450
2031
3,955,000
1,815,013
1,110,000
344,694
2032
4,170,000
1,645,689
1,170,000
307,756
2033
4,400,000
1,467,375
1,245,000
268,832
2034
3,715,000
1,280,170
1,315,000
229,420
2035
3,900,000
1,151,550
1,390,000
187,788
2036
4,090,000
1,014,519
1,460,000
144,244
2037
4,285,000
870,125
1,540,000
98,012
2038
3,260,000
718,400
760,000
48,750
2039
3,400,000
598,200
800,000
25,000
2040
2,765,000
469,600
-
-
2041
2,875,000
359,000
2042
2,990,000
244,000
-
-
2043
3,110,000
124,400
Totals 78,865,000 34,245,321 18,020,000 6,269,370
74 87
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM DEBT - Continued
Legal Debt Margin
Article VII, Section 6(k) of the 1970 Illinois Constitution governs the computation of legal debt margin.
"The General Assembly may limit by law the amount and require referendum approval of debt to the incurred by
home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following
percentages of the assessed value of its taxable property ... (2) if its population is more than 25,000 and less than
500,000 an aggregate of one percent: indebtedness which is outstanding on the effective date (July 1, 1971) of this
constitution or which is thereafter approved by referendum... shall not be included in the foregoing percentage
amounts."
To date the Illinois General Assembly has set no limits for home rule municipalities. The Village is a home rule
municipality.
NET POSITION CLASSIFICATIONS
Net investment in capital assets was comprised of the following as of December 31, 2021:
Governmental Activities
Capital Assets - Net of Accumulated Depreciation $ 119,342,021
Plus:
Unamortized Refunding Loss
Less Capital Related Debt:
General Obligation Bonds of 2012
General Obligation Bonds of 2013
General Obligation Bonds of 2014
General Obligation Refunding Bonds of 2016
General Obligation Refunding Bonds of 2016A
General Obligation Bonds of 2017
General Obligation Bonds of 2018A
General Obligation Bonds of 2018B
General Obligation Bonds of 2019B
Premium on Debt Issuance
Net Investment in Capital Assets
236,079
(885,000)
(8,675,000)
(2,390,000)
(1,550,000)
(8,860,000)
(4,675,000)
(6,880,000)
(37,225,000)
(7,725,000)
(2,418,168)
38,294,932
75 88
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
NET POSITION CLASSIFICATIONS - Continued
Business -Type Activities
Capital Assets - Net of Accumulated Depreciation $
Less Capital Related Debt:
General Obligation Bonds of 2017
General Obligation Bonds of 2018A
General Obligation Bonds of 2019A
48,321,909
(4,385,000)
(4,335,000)
(9,300,000)
Premium on Debt Issuance (624,921)
Net Investment in Capital Assets 29,676,988
FUND BALANCE CLASSIFICATIONS
In the governmental funds financial statements, the Village considers restricted amounts to have been spent when
an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available. The
Village first utilizes committed, then assigned and then unassigned fund balance when an expenditure is incurred
for purposes for which all three unrestricted fund balances are available.
Nonspendable Fund Balance. Consists of resources that cannot be spent because they are either: a) not in a
spendable form; or b) legally or contractually required to be maintained intact.
Restricted Fund Balance. Consists of resources that are restricted to specific purposes, that is, when constraints
placed on the use of resources are either: a) externally imposed by creditors (such as through debt covenants),
grantors, contributors, or laws or regulations of other governments; or b) imposed by law through constitutional
provisions or enabling legislation.
Committed Fund Balance. Consists of resources constrained (issuance of an ordinance) to specific purposes by the
government itself, using its highest level of decision-making authority, the Board of Trustees; to be reported as
committed, amounts cannot be used for any other purpose unless the government takes the same highest -level
action to remove or change the constraint.
Assigned Fund Balance. Consists of amounts that are constrained by the Board of Trustees's intent to be used for
specific purposes but are neither restricted nor committed. Intent is expressed by a) the Board of Trustees itself or
b) a body or official to which the Board of Trustees has delegated the authority to assign amounts to be used for
specific purposes. The Village's highest level of decision-making authority is the Board of Trustees, who is
authorized to assign amounts to a specific purpose.
Unassigned Fund Balance. Consists of residual net resources of a fund that has not been restricted, committed, or
assigned within the General Fund and deficit fund balances of other governmental funds.
76 89
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
FUND BALANCE CLASSIFICATIONS - Continued
Minimum Fund Balance Policy. The Village's policy manual states that the General Fund should maintain an
unrestricted fund balance level between 20% to 30% of the subsequent fiscal year's expenditures, the special
revenue funds (except the CDBG Fund) should maintain a fund balance level between 10% and 25% of the annual
budgeted expenditures, not including capital, debt service and transfers, the Debt Service Fund should maintain a
fund balance level at a maximum of the amount of the next principal and interest payment due, and the Capital
Projects Fund should maintain a fund balance level between 25% and 50% of the five-year average for capital
expenditures supported by the fund to a maximum of $1 million.
The following is a schedule of fund balance classifications for the governmental funds as of the date of this report:
Fund Balances
Nonspendable
Inventories
Prepaids
Restricted
Public Safety
Police
Fire
Highways and Streets
Debt Service
Special
Revenue Capital Projects
Prospect/ Police and Fire
Main Debt Building
General TIF Service Construction Nonmajor Totals
1,922
1,922
340,450 79,781 420,231
342,372 79,781 422,153
395,781
312,054 312,054
477,734 477,734
4,480,280 4,876,061
— 1,782,485 — — 1,782,485
395,781 1,782,485 — 5,270,068 7,448,334
Committed
Refuse Disposal
1,012,349
1,012,349
Assigned
Debt Service
TIF Redevelopment
3,700,000
3,700,000
Capital Projects
8,157,144
8,157,144
3,700,000
8,157,144
11,857,144
Unassigned
30,752,940
8,120
30,761,060
Total Fund Balances
34,795,312 395,781 1,782,485
— 14,527,462
51,501,040
77 90
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
NET POSITION RESTATEMENT
Beginning net position was restated to correct a change in accounting practice in the business -type activities
capital assets. The following is a summary of the net position as originally reported and as restated:
Net Position As Reported As Restated Increase
Business -Type Activities
Water and Sewer
NOTE 4 - OTHER INFORMATION
RISK MANAGEMENT
$ 37,894,823 43,413,133 5,518,310
37,463,986 42,982,296 5,518,310
The Village is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors
and omissions; natural disasters; and injuries to the Village's employees. These risks, along with medical claims
for employees and retirees, are provided for through the Village's participation in the Intergovernmental Risk
Management Agency (IRMA) and the Intergovernmental Personnel Benefit Cooperative (IPBC). There have been
no significant reductions in coverage from the prior year and settled claims have not exceeded coverage for any of
the past three years.
Intergovernmental Risk Management Agency (IRMA)
The Village participates in the Intergovernmental Risk Management Agency (IRMA). IRMA is an organization of
municipalities and special districts in Northeastern Illinois which have formed an association under the Illinois
Intergovernmental Cooperations Statute to pool its risk management needs. The agency administers a mix of self-
insurance and commercial insurance coverages; property/casualty and workers' compensation claim
administration/litigation management services; unemployment claim administration; extensive risk management/
loss control consulting and training programs; and a risk information system and financial reporting service for its
members.
Each member appoints one delegate, along with an alternate delegate, to represent the member on the Board of
Directors. The Village does not exercise any control over the activities of the Agency beyond its representation on
the Board of Directors.
Initial contributions are determined each year based on the individual member's eligible revenue as defined in the
by-laws of IRMA and experience modification factors based on past member loss experience. Each member
assumes the first $10,000 (higher optional deductibles available) of each occurrence, and IRMA has self-
insurance retentions at various amounts above that level. Members have a contractual obligation to fund any
deficit of IRMA attributable to a membership year during which they were a member. Supplemental contributions
may be required to fund these deficits. The Village's payments to IRMA are displayed on the financial statements
as expenditures/expenses in the appropriate funds. The coverages provided by IRMA are generally consistent with
the coverages in the prior year.
78 91
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
RISK MANAGEMENT - Continued
Intergovernmental Risk Management Agency (IRMA) - Continued
The Village has chosen an optional higher deductible of $50,000. A related reserve deposit of $1,249,584 is being
held at IRMA at December 31, 2021.
The Village's insurance activities are reported in the Risk Management Fund which is an internal service fund.
Premiums are paid into the Risk Management Fund by the departments of the General Fund and other funds based
upon historical cost estimates.
The total claims liability remaining as of December 31, 2021 was $549,509.
Changes in the balances of claims liabilities during the fiscal year are as follows:
Workers' General
Auto Compensation Liability Totals
Claims Payable - December 31, 2019 $
390,824
24,085
414,909
Incurred Claims 44,366
903,218
159,717
1,107,301
Claims Paid (43,972)
(713,675)
(65,365)
(823,012)
Claims Payable - December 31, 2020
394
580,367
118,437
699,198
Incurred Claims
17,718
84,884
105,940
208,542
Claims Paid
(18,112)
(221,387)
(118,732)
(358,231)
Claims Payable - December 31, 2021 443,864 105,645 549,509
Intergovernmental Personnel Benefit Cooperative (IPBC)
Risks for medical and death benefits for employees and retirees are provided for through the Village's
participation in the Intergovernmental Personnel Benefit Cooperative (IPBC). IPBC acts as an administrative
agency to receive, process and pay such claims as may come within the benefit program of each member. IPBC
maintains specific reinsurance coverage for claims in excess of $75,000 per individual employee participant. The
Village pays premiums to IPBC based upon current employee participation and its prior experience factor with the
pool. Current year overages or underages for participation in the pool are adjusted into subsequent years
experience factor for premiums. There were no significant changes in insurance coverages from the prior year and
settlements did not exceed insurance coverage in any of the past three fiscal years.
A reserve deposit of $3,579,477 is being held at IPBC at December 31, 2021.
79 92
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
CONTINGENT LIABILITIES
Litigation
The Village is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently
determinable, in the opinion of the Village's attorneys, the resolution of these matters will not have a material
adverse effect on the financial condition of the Village.
Grants
Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies,
principally the federal government. Any disallowed claims, including amounts already collected, may constitute a
liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor
cannot be deterinined at this time although the Village expects such amounts, if any, to be immaterial.
Financial Impact from COVID-19
In March 2020, the World Health Organization declared the COVID-19 virus a public health emergency. As of
the date of this report, the extent of the impact of COVID-19 on the Village's operations and financial position
cannot be determined.
COMMITMENTS
Solid Waste Agency of Northern Cook County (SWANCC)
Annual payments to Solid Waste Agency of Northern Cook County (SWANCC) are based on estimated tonnage
of waste transported to SWANCC. It is assumed that there will be no material changes in deliveries to SWANCC.
For 2022, the Village estimates it will pay SWANCC $1,016,029, with annual increases ranging from 0% to 3%
through 2023.
Northwest Suburban Municipal Joint Action Water Agency (JAWA)
The Village has committed to purchase water from the Northwest Suburban Municipal Joint Action Water
Agency (JAWA). A new agreement, negotiated by the Member Communities and JAWA was approved on March
13, 2018. This Revised Water Supply Agreement will expire in FY 2032. The obligation to pay minimum annual
amounts was removed from the new agreement.
80 93
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
JOINT VENTURES
Northwest Suburban Municipal Joint Action Water Agency (JAWA)
The Village is a member of the Northwest Suburban Municipal Joint Action Water Agency (JAWA) which
consists of seven municipalities. JAWA is a municipal corporation and public body politic and corporate
established pursuant to the Intergovernmental Cooperation Act of the State of Illinois. JAWA is empowered to
plan, construct, improve, extend, acquire, finance, operate and maintain a water supply system to serve its
members and other potential water purchasers.
The seven members of JAWA and their percentage shares as of April0, 2021 are as follows:
Percent
Share
Village of Elk Grove Village 17.94%
Village of Hanover Park
8.95%
Village of Hoffman Estates
15.58%
Village of Mount Prospect
12.58%
City of Rolling Meadows
6.48%
Village of Schaumburg
27.42%
Village of Streamwood
11.05%
100.00%
These percentage shares are based upon formulae contained in the water supply agreement and are subject to
change in future years based upon consumption by the municipalities.
The members form a contiguous geographic service area which is located 15 to 30 miles northwest of downtown
Chicago. Under the Agency Agreement, additional members may join JAWA upon the approval of each member.
JAWA is governed by a Board of Directors which consists of one elected official from each member municipality.
Each Director has an equal vote. The officers of JAWA are appointed by the Board of Directors. The Board of
Directors determines the general policy of JAWA, makes all appropriations, approves contracts for sale or
purchase of water, provides for the issuance of debt, adopts bylaws, rules and regulations, and exercises such
powers and performs such duties as may be prescribed in the Agency Agreement or the bylaws.
81 94
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
JOINT VENTURES - Continued
Northwest Suburban Municipal Joint Action Water Agency (JAWA) - Continued
Complete financial statements can be obtained from the Northwest Suburban Municipal Joint Action Water
Agency, 901 Wellington Avenue, Elk Grove Village, Illinois 60007.
Revenues of the system consist of. (a) all receipts derived from Water Supply Agreements or any other contract
for the supply of water; (b) all income derived from the investment of monies; and (c) all income, fees, water
service charges, and all rates, rents and receipts derived by JAWA from the ownership and operation of the
system and the sale of water. JAWA covenants to establish fees and charges sufficient to provide revenues to
meet all its requirements.
JAWA has entered into Water Supply Agreements with the seven -member municipalities for a term of 40 years,
extending to December 31, 2032. The Agreements are irrevocable and may not be terminated or amended except
as provided in the General Resolution.
JAWA has entered into an agreement with the City of Chicago under which the City has agreed to sell quantities
of lake water sufficient to supply the projected water needs of JAWA through the year 2020.
The obligation of the Village to make all payments as required by this agreement is unconditional and irrevocable,
without regard to performance or nonperformance by JAWA of its obligations under this Agreement.
The payments required to be made by the Village under this Agreement shall be required to be made solely from
revenues to be derived by the Village from the operation of the Water System. Members are not prohibited by the
Agreement, however, from using other available funds to make payments under the Agreement. This Agreement
shall not constitute an indebtedness of the Village within the meaning of any statutory or constitutional limitation.
The obligation of the Village to make payments required by this Agreement from revenues of the Water System
shall be payable from the operation and maintenance account of the Water and Sewer Fund.
In accordance with the joint venture agreement, the Village remitted $7,239,644 to JAWA for the year ended
December 31, 2021. All payments were paid from the Water and Sewer Fund. Deposits with JAWA in the amount
of $464,034 represent amounts held for security of debt service.
82 95
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
JOINT VENTURES - Continued
Solid Waste Agency of Northern Cook County (SWANCC)
The Village is a member of the Solid Waste Agency of Northern Cook County (SWANCC) which consists of
twenty-three municipalities. SWANCC is a municipal corporation and public body politic, established pursuant to
the Constitution of the State of Illinois and the Intergovernmental Cooperation Act of the State of Illinois, as
amended (the Act). SWANCC is empowered under the Act to plan, construct, finance, operate, and maintain a
solid waste disposal system to serve its members. SWANCC is reported as a nonequity proprietary joint venture.
SWANCC is governed by a Board of Directors which consists of one appointed representative from each member
municipality. Each Director has an equal vote. The officers of SWANCC are appointed by the Board of Directors.
The Board of Directors determines the general policy of SWANCC, makes all appropriations, approves contracts,
adopts resolutions providing for the issuance of bonds or notes by SWANCC, adopts by-laws, rules and
regulations, and exercises such powers and performs such duties as may be prescribed in the SWANCC
agreement or by-laws. Separate audited financial statements are available from SWANCC's administrative office
at 77 W Hintz Road, Suite 200, Wheeling, Illinois 60090.
The Village's contract with SWANCC provides that each member is liable for its proportionate share of annual
operating and fixed costs. The Village's share of these costs is expected to be funded through tipping fees paid by
refuse haulers. In addition, the Village is obligated for any costs arising from defaults in payment obligations by
other members.
In accordance with the joint venture agreement, the Village remitted $1,051,223 to SWANCC for the year ended
December 31, 2021, which is recorded in the Village's Refuse Disposal Fund.
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS
The Village contributes to three defined benefit pension plans, the Illinois Municipal Retirement Fund (IMRF), a
defined benefit agent multiple -employer public employee retirement system, the Police Pension Plan which is a
single -employer pension plan, and the Firefighters' Pension Plan which is also a single -employer pension plan.
IMRF does issue a publicly available financial report that includes financial statements and required
supplementary information for the plan as a whole, but not by individual employer. That report may be obtained
on-line at www.imrf.org. The Police and Firefighters' Pension Plans also issue separate reports that may be
obtained by writing the Village at 50 South Emerson, Mount Prospect, Illinois 60056. The benefits, benefit levels,
employee contributions and employer contributions are governed by Illinois Compiled Statutes (ILCS) and can
only be amended by the Illinois General Assembly.
83 96
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
The aggregate amounts recognized for the pension plans are:
Net Pension
Expenses/ Liabilities/ Deferred Deferred
(Revenues) (Assets) Outflows Inflows
IMRF
Village $ (375,479)
Library (67,651)
Police Pension 1,347,936
(3,205,952)
2,936,947
8,467,916
(1,157,174)
1,060,077
3,056,455
45,236,365
11,605,208
11,258,083
Firefighters' Pension 2,033,429 40,010,412 9,102,003 8,044,131
2,938,235 80,883,651 24,704,235 30,826,585
Illinois Municipal Retirement Fund (IMRF)
Plan Descriptions
Plan Adfninistration. All employees (other than those covered by the Police and Firefighters' Pension Plan) hired
in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating
members. The plan is accounted for on the economic resources measurement focus and the accrual basis of
accounting. Employer and employee contributions are recognized when earned in the year that the contributions
are required, benefits and refunds are recognized as an expense and liability when due and payable.
Benefits Provided. IMRF has three benefit plans. The vast majority of IMRF members participate in the Regular
Plan (RP). The Sheriff's Law Enforcement Personnel (SLEP) plan is for sheriffs, deputy sheriffs, and selected
police chiefs. Counties could adopt the Elected County Official (ECO) plan for officials elected prior to August 8,
2011 (the ECO plan was closed to new participants after that date).
IMRF provides two tiers of pension benefits. Employees hired before Januaiy 1, 2011, are eligible for Tier 1
benefits. Tier 1 employees are vested for pension benefits when they have at least eight years of qualifying service
credit. Tier I employees who retire at age 55 (at reduced benefits) or after age 60 (at full benefits) with eight years
of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of
the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15
years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings
during any consecutive 48 months within the last 10 years of service, divided by 48. Under Tier 1, the pension is
increased by 3% of the original amount on January I every year after retirement.
84 97
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLAN - Continued
Illinois Municipal Retirement Fund (IMRF) - Continued
Plan Descriptions - Continued
Benefits Provided - Continued. Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For
Tier 2 employees, pension benefits vest after ten years of service. Participating employees who retire at age 62 (at
reduced benefits) or after age 67 (at full benefits) with ten years of service are entitled to an annual retirement
benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years
of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of
earnings. Final rate of earnings is the highest total earnings during any 96 consecutive months within the last 10
years of service, divided by 96. Under Tier 2, the pension is increased on January 1 every year after retirement,
upon reaching age 67, by the lesser of:
• 3% of the original pension amount, or
• 1/2 of the increase in the Consumer Price Index of the original pension amount.
Plan Membership. As of December 31, 2020, the measurement date, the following employees were covered by
the benefit terms:
Inactive Plan Members Currently Receiving Benefits 173
Inactive Plan Members Entitled to but not yet Receiving Benefits 181
Active Plan Members 247
Total
601
The IMRF data included in the table above includes membership of both the Village and the Library.
Contributions. As set by statute, the Village's Regular Plan Members are required to contribute 4.50% of their
annual covered salary. The statute requires employers to contribute the amount necessary, in addition to member
contributions, to finance the retirement coverage of its own employees. For the year -ended December 31, 2021,
the Village's and the Library's contribution was 11.00% of covered payroll.
Net Pension (Asset). The Village's net pension (asset) was measured as of December 31, 2020. The total pension
liability used to calculate the net pension (asset) was determined by an actuarial valuation as of that date.
85 98
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLAN - Continued
Illinois Municipal Retirement Fund (IMRF) - Continued
Plan Descriptions - Continued
Actuarial Assumptions. The total pension liability was determined by an actuarial valuation performed, as of
December 31, 2020, using the following actuarial methods and assumptions:
Actuarial Cost Method Entry Age
Normal
Asset Valuation Method Fair Value
Actuarial Assumptions
Interest Rate 7.25%
Salary Increases 2.85% to 13.75%
Cost of Living Adjustments 2.25%
Inflation 2.25%
For nondisabled retirees, the Pub -2010, Amount -Weighted, below -median income, General, Retiree, Male
(adjusted 106%) and Female (adjusted 105%) tables, and future mortality improvements projected using scale
MP -2020. For disabled retirees, the Pub -2010, Amount -Weighted, below -median income, General, Disabled
Retiree, Male and Female (both unadjusted) tables, and future mortality improvements projected using scale
MP -2020. For active members, the Pub -2010, Amount -Weighted, below -median income, General, Employee,
Male and Female (both unadjusted) tables, and future mortality improvements projected using scale MP -2020.
The long-term expected rate of return on pension plan investments was determined using a building-block method
in which best -estimate ranges of expected future real rates of return (expected returns, net of pension plan
investment expense, and inflation) are developed for each major asset class. These ranges are combined to
produce the long-term expected rate of return by weighting the expected future real rates of return to the target
asset allocation percentage and adding expected inflation. The target allocation and best estimates of geometric
real rates of return for each major asset class are summarized in the following table:
86 99
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLAN - Continued
Illinois Municipal Retirement Fund (IMRF) - Continued
Plan Descriptions - Continued
Actuarial Assumptions - Continued.
Long -Term
Expected Real
Asset Class Target Rate of Return
Fixed Income
28.00%
1.30%
Domestic Equities
37.00%
5.00%
International Equities
18.00%
6.00%
Real Estate
9.00%
6.20%
Blended
7.00%
2.85% - 6.95%
Cash and Cash Equivalents
1.00%
0.70%
Discount Rate
The discount rate used to measure the total pension liability was 7.25%, the same as the prior valuation. The
projection of cash flows used to determine the discount rate assumed that member contributions will be made at
the current contribution rate and that Village contributions will be made at rates equal to the difference between
the actuarially determined contribution rates and the member rate. Based on those assumptions, the Fund's
fiduciary net position was projected to be available to make all project future benefit payments of current plan
members. Therefore, the long-term expected rate of return on pension plan investments was applied to all period
of projected benefit payments to determine the total pension liability.
Discount Rate Sensitivity
The following is a sensitivity analysis of the net pension liability/(asset) to changes in the discount rate. The table
below presents the net pension liability/(asset) of the Village and the Library calculated using the discount rate as
well as what the Village's and Library's net pension liability/(asset) would be if it were calculated using a discount
rate that is one percentage point lower or one percentage point higher than the current rate:
Current
1% Decrease Discount Rate 1% Increase
(6.25%) (7.25%) (8.25%)
Village $ 6,637,508 (3,205,952) (10,956,008)
Library 2,395,778 (1,157,174) (3,954,520)
Net Pension Liability/(Asset) 9,033,286 (4,363,126) (14,910,528)
87 100
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLAN - Continued
Illinois Municipal Retirement Fund (IMRF) - Continued
Changes in the Net Pension (Asset)
Total Pension Liability
Service Cost
Interest
Differences Between Expected
and Actual Experience
Change of Assumptions
Benefit Payments, Including
Refunds of Member Contributions
Net Change in Total Pension Liability
Total Pension Liability - Beginning
Total Pension Liability - Ending
Plan Fiduciary Net Position
Contributions - Employer
Contributions - Members
Net Investment Income
Benefit Payments, Including Refunds
of Member Contributions
Other (Net Transfer)
Position
Plan Net Position - Beginning
Plan Net Position - Ending
Village Library Totals
$ 1,388,261 501,086 1,889,347
5,884,230 2,209,612 8,093,842
(1,664,398) (600,757) (2,265,155)
(586,396) (211,657) (798,053)
(4,100,551)
(1,480,075)
(5,580,626)
921,146
418,209
1,339,355
83,270,196
30,214,648
113,484,844
84,191,342 30,632,857 114,824,199
1,474,493
532,211
2,006,704
608,427
219,609
828,036
11,307,092
4,081,242
15,388,334
(4,100,551)
(1,480,075)
(5,580,626)
(222,550)
(80,328)
(302,878)
9,066,911
3,272,659
12,339,570
78,330,383
28,517,372
106,847,755
87,397,294 31,790,031 119,187,325
Employer's Net Pension (Asset) (3,205,952) (1,157,174) (4,363,126)
101
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLAN - Continued
Illinois Municipal Retirement Fund (IMRF) - Continued
Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions
For the year ended December 31, 2021, the Village recognized pension revenue of $375,479 and the Library
recognized pension revenue of $67,651. At December 31, 2021, the Village and the Library reported deferred
outflows or resources and deferred inflows of resources related to pensions from the following sources:
Difference Between Expected
and Actual Experience
Change in Assumptions
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments
Total Expense to be Recognized in Future Periods
Contributions Sub to Measurement Date
Total Deferred Amounts Related to IMRF
Village Library
Deferred Deferred Deferred Deferred
Outflows of (Inflows) of Outflows of Inflows of
Resources Resources Resources Resources Totals
$ 952,001 (1,203,167) 343,620 (434,278) (341,824)
467,334 (423,897) 168,682 (153,003) 59,116
— (6,840,852) — (2,469,174) (9,310,026)
1,419,335 (8,467,916) 512,302 (3,056,455) (9,592,734)
1,517,612 — 547,775 — 2,065,387
2,936,947 (8,467,916) 1,060,077 (3,056,455) (7,527,347)
$1,517,612 for the Village and $547,775 for the Library reported as deferred outflows of resources related to
pensions resulting from employer contributions subsequent to the measurement date and will be recognized as a
reduction of the net pension liability in the reporting year ended December 31, 2022. Amounts reported as
deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension
expense in future periods as follows:
Fiscal Deferred (Inflows) of Resources
Year Village Library Totals
2022
$ (1,529,398)
2023
(1,289,449)
2024
(3,090,469)
2025
(1,139,265)
2026
—
Thereafter
—
(552,029)
(2,081,427)
(465,421)
(1,754,870)
(1,115,491)
(4,205,960)
(411,212)
(1,550,477)
Totals (7,048,581) (2,544,153) (9,592,734)
89 102
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLAN - Continued
Police Pension Plan
Plan Descriptions
Plan Administration. The Police Pension Plan is a single -employer defined benefit pension plan that covers all
sworn police personnel. The defined benefits and employee and minimum employer contribution levels are
governed by Illinois Compiled Statutes (40 ILCS 5/3-1) and may be amended only by the Illinois legislature. The
Village accounts for the Fund as a pension trust fund. The Fund is governed by a five -member pension board.
Two members of the Board are appointed by the Village President, one member is elected by pension
beneficiaries and two members are elected by active police employees.
Plan Membership. At December 31, 2021, the measurement date, membership consisted of the following:
Inactive Plan Members Currently Receiving Benefits 84
Inactive Plan Members Entitled to but not yet Receiving Benefits 8
Active Plan Members 83
Total
175
Benefits Provided. The following is a summary of the Police Pension Plan as provided for in Illinois State
Statutes.
The Police Pension Plan provides retirement benefits through two tiers of benefits as well as death and disability
benefits. Covered employees hired before January 1, 2011 (Tier 1), attaining the age of 50 or older with 20 or
more years of creditable service are entitled to receive an annual retirement benefit of/z of the salary attached to
the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The annual
benefit shall be increased by 2.5 percent of such salary for each additional year of service over 20 years up to 30
years, to a maximum of 75 percent of such salary. Employees with at least eight years but less than 20 years of
credited service may retire at or after age 60 and receive a reduced benefit. The monthly benefit of a police officer
who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first
anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3 percent of the original
pension and 3 percent compounded annually thereafter.
90 103
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Police Pension Plan - Continued
Plan Descriptions - Continued
Benefits Provided - Continued. Covered employees hired on or after January 1, 2011 (Tier 2), attaining the age of
55 or older with 10 or more years of creditable service are entitled to receive an annual retirement benefit equal to
the average monthly salary obtained by dividing the total salary of the police officer during the 48 consecutive
months of service within the last 60 months of service in which the total salary was the highest by the number of
months of service in that period. Police officer salary for the pension purposes is capped at $106,800, plus the
lesser of/Z of the annual change in the Consumer Price Index or 3 percent compounded. The annual benefit shall
be increased by 2.5 percent of such a salary for each additional year of service over 20 years up to 30 years to a
maximum of 75 percent of such salary. Employees with at least 10 years may retire at or after age 50 and receive
a reduced benefit (i.e., '/z percent for each month under 55). The monthly benefit of a Tier 2 police officer shall be
increased annually at age 60 on the January Is' after the police officer retires, or the first anniversary of the
pension starting date, whichever is later. Noncompounding increases occur annually, each January thereafter. The
increase is the lesser of 3 percent or '/z of the change in the Consumer Price Index for the proceeding calendar
year.
Contributions. Covered employees are required to contribute 9.91% of their base salary to the Police Pension
Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee
contributions may be refunded without accumulated interest. The Village is required to contribute the remaining
amounts necessary to finance the plan and the administrative costs as actuarially determined by an enrolled
actuary. However, effective January 1, 2011, ILCS requires the Village to contribute a minimum amount annually
calculated using the projected unit credit actuarial cost method that will result in the funding of 90% of the past
service cost by the year 2040. For the year -ended December 31, 2021, the Village's contribution was 44.02% of
covered payroll.
Concentrations. At year end, the Pension Plan does not have any investments over 5 percent of net plan position
available for retirement benefits (other than investments issued or explicitly guaranteed by the U.S. government
and investments in mutual funds, external investment pools, and other pooled investments).
91 104
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Police Pension Plan - Continued
Actuarial Assumptions
The total pension liability was determined by an actuarial valuation performed, as of December 31, 2021, using
the following actuarial methods and assumptions:
Actuarial Cost Method Entry Age Normal
Asset Valuation Method Fair Value
Actuarial Assumptions
Interest Rate 7.00%
Salary Increases 4.00%
Adjustments Tier 1: 3.00%, Tier 2: 1.25%
Inflation 2.50%
Mortality rates for healthy individuals were based on the Pub -2010 Public Safety Mortality Table with with
generational improvement scale MP -2021 applied from 2010. Mortality rates for disabled individuals were based
the Pub -2010 Disabled Retiree Mortality Table with generational improvement scale MP -2021 applied from 2010.
Discount Rate
The discount rate used to measure the total pension liability was 7.00%, while the prior valuation was 7.25%. The
projection of cash flows used to determine the discount rate assumed that member contributions will be made at
the current contribution rate and that Village contributions will be made at rates equal to the difference between
the actuarially determined contribution rates and the member rate. Based on those assumptions, the Fund's
fiduciary net position was projected to be available to make all projected future benefit payments of current plan
members. Therefore, the long-term expected rate of return on pension plan investments was applied to all period
of projected benefit payments to determine the total pension liability.
92 105
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Police Pension Plan - Continued
Discount Rate Sensitivity
The following is a sensitive analysis of the net pension liability to changes in the discount rate. The table below
presents the net pension liability of the Village calculated using the discount rate as well as what the Village's net
pension liability would be if it were calculated using a discount rate that is one percentage point lower or one
percentage point higher than the current rate:
Current
1% Decrease Discount Rate 1% Increase
(6.00%) (7.00%) (8.00%)
Net Pension Liability S 66,012,720 45,236,365 28,410,341
Changes in the Net Pension Liability
Balances at December 31, 2020
Changes for the Year:
Service Cost
Interest on the Total Pension Liability
Changes of Benefit Terms
Difference Between Expected and Actual
Liability
Changes of Assumptions
Contributions - Employer
Contributions - Employees
Net Investment Income
Benefit Payments, Including Refunds
of Employee Contributions
Other (Net Transfer)
Net Changes
Total
1,303,302
12,017,565 —
Pension
Plan Fiduciary
Net Pension
Liability
Net Position
Liability
(A)
(B)
(A) - (B)
$ 124,395,866
86,908,231
37,487,635
1,613,165
—
1,613,165
8,899,357
—
8,899,357
1,303,302 —
1,303,302
12,017,565 —
12,017,565
— 3,977,102
(3,977,102)
— 887,126
(887,126)
— 11,280,599
(11,280,599)
(6,518,558) (6,518,558)
-
- (60,168)
60,168
17,314,831 9,566,101 7,748,730
Balances at December 31, 2021 141,710,697 96,474,332 45,236,365
93
106
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Police Pension Plan - Continued
Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions
For the year ended December 31, 2021, the Village recognized pension expense of $1,347,936. At December 31,
2021, the Village reported deferred outflows of resources and deferred inflows of resources related to pensions
from the following sources:
Difference Between Expected and Actual Experience
Change in Assumptions
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments
Total Deferred Amounts Related to Police Pension
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources Totals
$ 1,086,085 (2,253,321) (1,167,236)
10,519,123 (495,617) 10,023,506
(8,509,145) (8,509,145)
11,605,208 (11,258,083) 347,125
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be
recognized in pension expense in future periods as follows:
Net Deferred
Outflows/
Fiscal (Inflows)
Year of Resources
2022
$ (343,256)
2023
(1,895,219)
2024
(343,074)
2025
708,532
2026
2,220,142
Thereafter
—
Total 347,125
107
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Firefighters' Pension Plan
Plan Descriptions
Plan Administration. The Firefighters' Pension Plan is a single -employer defined benefit pension plan that covers
all sworn firefighter personnel. The defined benefits and employee and minimum employer contribution levels are
governed by Illinois Compiled Statutes (40 ILCS 5/4-1) and may be amended only by the Illinois legislature. The
Village accounts for the Fund as a pension trust fund. The Fund is governed by a five -member pension board.
Two members of the Board are appointed by the Village President, one member is elected by pension
beneficiaries and two members are elected by active fire employees.
Plan Membership. At December 31, 2021, the measurement date, membership consisted of the following:
Inactive Plan Members Currently Receiving Benefits 90
Inactive Plan Members Entitled to but not yet Receiving Benefits 2
Active Plan Members 72
Total
164
Benefits Provided. The following is a summary of the Firefighters' Pension Plan as provided for in Illinois State
Statutes.
The Firefighters' Pension Plan provides retirement benefits through two tiers of benefits as well as death and
disability benefits. Covered employees hired before January 1, 2011 (Tier 1), attaining the age of 50 or older with
20 or more years of creditable service are entitled to receive an annual retirement benefit of '/z of the salary
attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The
annual benefit shall be increased by 2.5 percent of such salary for each additional year of service over 20 years up
to 30 years, to a maximum of 75 percent of such salary. Employees with at least eight years but less than 20 years
of credited service may retire at or after age 60 and receive a reduced benefit. The monthly benefit of a firefighter
who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first
anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3 percent of the original
pension and 3 percent compounded annually thereafter.
95 108
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Firefighters' Pension Plan - Continued
Plan Descriptions - Continued
Benefits Provided - Continued. Covered employees hired on or after January 1, 2011 (Tier 2), attaining the age of
55 or older with 10 or more years of creditable service are entitled to receive an annual retirement benefit equal to
the average monthly salary obtained by dividing the total salary of the firefighter during the 48 consecutive
months of service within the last 60 months of service in which the total salary was the highest by the number of
months of service in that period. Firefighters' salary for the pension purposes is capped at $106,800, plus the
lesser of/Z of the annual change in the Consumer Price Index or 3 percent compounded. The annual benefit shall
be increased by 2.5 percent of such a salary for each additional year of service over 20 years up to 30 years to a
maximum of 75 percent of such salary. Employees with at least 10 years may retire at or after age 50 and receive
a reduced benefit (i.e., '/z percent for each month under 55). The monthly benefit of a Tier 2 firefighter shall be
increased annually at age 60 on the January 1St after the firefighter retires, or the first anniversary of the pension
starting date, whichever is later. Noncompounding increases occur annually, each January thereafter. The increase
is the lesser of 3 percent of/z of the change in the Consumer Price Index for the proceeding calendar year.
Contributions. Covered employees are required to contribute 9.455% of their base salary to the Firefighters'
Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated
employee contributions may be refunded without accumulated interest. The Village is required to contribute the
remaining amounts necessary to finance the plan and the administrative costs as actuarially determined by an
enrolled actuary. However, effective January 1, 2011, ILCS requires the Village to contribute a minimum amount
annually calculated using the projected unit credit actuarial cost method that will result in the funding of 90% of
the past service cost by the year 2040. For the year -ended December 31, 2021, the Village's contribution was
43.72% of covered payroll.
Concentrations. At year-end, the Fund has over 5 percent of net plan assets available for retirement benefits (other
than investments issued or explicitly guaranteed by the U.S. government and investments in mutual funds,
external investment pools, and other pooled investments) invested in Real Estate Annuity of $7,920,247.
96 109
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Firefighters' Pension Plan - Continued
Actuarial Assumptions
The total pension liability was determined by an actuarial valuation performed, as of December 31, 2021, using
the following actuarial methods and assumptions:
Actuarial Cost Method Entry Age Normal
Asset Valuation Method Fair Value
Actuarial Assumptions
Interest Rate 7.13%
Salary Increases 4.00%
Cost of Living Adjustments Tier 1: 3.00%, Tier 2: 1.25%
Inflation 2.50%
Mortality rates for healthy individuals were based on the Pub -2010 Public Safety Mortality Table with with
generational improvement scale MP -2021 applied from 2010. Mortality rates for disabled individuals were based
the Pub -2010 Disabled Retiree Mortality Table with generational improvement scale MP -2021 applied from 2010.
Discount Rate
The discount rate used to measure the total pension liability was 7.125%, while the prior valuation was 7.250%.
The projection of cash flows used to determine the discount rate assumed that member contributions will be made
at the current contribution rate and that Village contributions will be made at rates equal to the difference between
the actuarially determined contribution rates and the member rate. Based on those assumptions, the Fund's
fiduciary net position was projected to be available to make all projected future benefit payments of current plan
members. Therefore, the long-term expected rate of return on pension plan investments was applied to all period
of projected benefit payments to determine the total pension liability.
97 110
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Firefighters' Pension Plan - Continued
Discount Rate Sensitivity
The following is a sensitive analysis of the net pension liability to changes in the discount rate. The table below
presents the net pension liability of the Village calculated using the discount rate as well as what the Village's net
pension liability would be if it were calculated using a discount rate that is one percentage point lower or one
percentage point higher than the current rate:
Net Pension Liability
Changes in the Net Pension Liability
Balances at December 31, 2020
Current
1% Decrease Discount Rate 1% Increase
(6.125%) (7.125%) (8.125%)
$ 56,670,807 40,010,412 26,358,615
Changes for the Year:
Service Cost
Interest on the Total Pension Liability
Changes of Benefit Terms
Difference Between Expected and Actual
Liability
Changes of Assumptions
Contributions - Employer
Contributions - Employees
Net Investment Income
Benefit Payments, Including Refunds
of Employee Contributions
Other (Net Transfer)
Net Changes
Total
Pension Plan Fiduciary Net Pension
Liability Net Position Liability
(A) (B) (A) - (B)
$ 113,009,154 80,459,469 32,549,685
1,623,510 — 1,623,510
8,064,784 — 8,064,784
1,328,239
—
1,328,239
7,790,489
—
7,790,489
—
3,651,864
(3,651,864)
—
782,338
(782,338)
—
7,021,828
(7,021,828)
(6,788,536)
(6,788,536)
-
-
(109,735)
109,735
12,018,486
4,557,759
7,460,727
Balances at December 31, 2021 125,027,640 85,017,228 40,010,412
111
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Firefighters' Pension Plan - Continued
Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions
For the year ended December 31, 2021, the Village recognized pension expense of $2,033,429. At December 31,
2021, the Village reported deferred outflows of resources and deferred inflows of resources related to pensions
from the following sources:
Difference Between Expected and Actual Experience
Change in Assumptions
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments
Total Deferred Amounts Related to Firefighters' Pension
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
$ 2,206,173 (1,179,856)
6,895,830 (682,554)
Totals
1,026,317
6,213,276
- (6,181,721) (6,181,721)
9,102,003 (8,044,131) 1,057,872
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be
recognized in pension expense in future periods as follows:
Net Deferred
Outflows/
Fiscal (Inflows)
Year of Resources
2022
$ (209,422)
2023
(1,382,604)
2024
(209,419)
2025
1,339,529
2026
1,519,788
Thereafter
—
Total 1,057,872
99 112
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
OTHER POST -EMPLOYMENT BENEFITS
General Information about the OPEB Plan
Plan Description. The Village's defined benefit OPEB plan, Village of Mount Prospect Retiree Benefit Plan
(RBP), provides OPEB for all permanent full-time general and public safety employees of the Village. RBP is a
single -employer defined benefit OPEB plan administered by the Village. Article 11 of the State Compiled Statutes
grants the authority to establish and amend the benefit terms and financing requirements to the Village Board. No
assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement 75.
Benefits Provided. RBP provides pre and post -Medicare postretirement health insurance to retirees, their spouses,
and dependents (enrolled at time of employee's retirement).
Plan Membership. As of December 31, 2021, the measurement date, the following employees were covered by
the benefit terms:
Inactive Plan Members Currently Receiving Benefits 75
Inactive Plan Members Entitled to but not yet Receiving Benefits —
Active Plan Members 299
Total
The plan membership as noted above includes both the Village and the Library members.
Total OPEB Liability
374
The Village's total OPEB liability was measured as of December 31, 2021, and was determined by an actuarial
valuation as of that date.
Actuarial Assumptions and Other Inputs. The total OPEB liability in the December 31, 2021 actuarial valuation
was determined using the following actuarial assumptions and other inputs, applied to all periods included in the
measurement, unless otherwise specified:
100 113
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
OTHER POST -EMPLOYMENT BENEFITS - Continued
Total OPEB Liability - Continued
Actuarial Assumptions and Other Inputs - Continued.
Inflation 2.50%
Salary Increases 3.25%
Discount Rate 2.25%
Healthcare Cost Trend Rates 7.50% decreasing to an ultimate rate of 4.50%
Retirees' Share of Benefit -Related Costs 100% of projected health insurance premiums for retirees
The discount rate was based on the S&P Municipal Bond 20 Year High -Grade Rate Index for tax
exempt general obligation municipal bonds rated AA or better as of December 31, 2021.
Mortality rates were based on the SOA Pub -2010 General Headcount Weighted Mortality Table fully
generational using Scale MP -2020.
Change in the Total OPEB Liability
Total
OPEB
Liability
Balance at December 31, 2020 S 14,857,280
Changes for the Year:
Service Cost 882,943
Interest on the Total OPEB Liability 329,431
Changes of Benefit Terms —
Difference Between Expected and Actual Experience (966,849)
Changes of Assumptions or Other Inputs (283,951)
Benefit Payments (404,187)
Net Changes (442,613)
Balance at December 31, 2021 14,414,667
101 114
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
OTHER POST -EMPLOYMENT BENEFITS - Continued
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate
The discount rate used to measure the total pension liability was 2.25%, while the prior valuation used 2.12%. The
following presents the total OPEB liability, calculated using the discount rate, as well as what the total OPEB
liability would be if it were calculated using a discount rate that is one percentage point lower or one percentage
point higher:
Current
1% Decrease Discount Rate 1% Increase
(1.25%) (2.25%) (3.25%)
Total OPEB Liability $ 16,828,739 14,414,667 12,480,244
Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates
The following presents the total OPEB liability, calculated using a variable Healthcare Trend Rate, as well as
what the total OPEB liability would be if it were calculated using a Healthcare Trend Rate that is one percentage
point lower or one percentage point higher:
Healthcare
Cost Trend
1% Decrease Rates 1% Increase
(Varies) (Varies) (Varies)
Total OPEB Liability $ 11,958,401
14,414,667 17,653,139
102 115
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2021
NOTE 4 - OTHER INFORMATION - Continued
OTHER POST -EMPLOYMENT BENEFITS - Continued
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
For the year ended December 31, 2021, the Village recognized OPEB expense of $1,098,587. At December 31,
2021, the Village reported deferred outflows of resources and deferred inflows of resources related to OPEB from
the following sources:
Deferred
Outflows of
Resources
Difference Between Expected and Actual Experience $ —
Change in Assumptions 3,386,615
Net Difference Between Projected and Actual Earnings —
Total Deferred Amounts Related to OPEB
Deferred
Inflows of
Resources Totals
(2,683,913)
(1,202,779)
(2,683,913)
2,183,836
3,386,615 (3,886,692) (500,077)
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be
recognized in OPEB expense as follows:
Net Deferred
Outflows/
Fiscal (Inflows)
Year of Resources
2022
$ (113,787)
2023
(113,787)
2024
(113,787)
2025
(113,787)
2026
(113,790)
Thereafter
68,861
Totals
(500,077)
SUBSEQUENT EVENT
On March 11, 2021, the American Rescue Plan Act of 2021 was signed into law. This act provides $350 billion in
funding for local governments. The Village has been allocated $7,027,870 to be received in two installments. On
May 19, 2021 the Village received their first installment of $3,513,935. As of the date of these financial
statements, the Village has not received their second installment.
103 116
REQUIRED SUPPLEMENTARY INFORMATION
Required supplementary information includes financial information and disclosures that are required by the
GASB but are not considered a part of the basic financial statements. Such information includes:
• Schedule Employer Contributions
Illinois Municipal Retirement Fund
Police Pension Fund
Firefighters' Pension Fund
• Schedule of Changes in the Employer's Net Pension Liability/(Asset)
Illinois Municipal Retirement Fund
Police Pension Fund
Firefighters' Pension Fund
• Schedule of Investment Returns
Police Pension Fund
Firefighters' Pension Fund
• Schedule of Changes in the Employer's Total OPEB Liability
Retiree Benefit Plan
• Budgetary Comparison Schedules
General Fund
Prospect/Main TIF - Special Revenue Fund
Notes to the Required Supplementary Information
Budgetary information - Budgets are adopted on a basis consistent with generally accepted accounting principles.
104 117
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Illinois Municipal Retirement Fund
Schedule of Employer Contributions
December 31, 2021
Fiscal
Year
Actuarially
Determined
Contribution
Contributions
in Relation to
the Actuarially
Determined
Contribution
Contribution
Excess/
(Deficiency)
Covered
Payroll
Contributions as
a Percentage of
Covered Payroll
2015
Totals
$ 1,863,012
$ 1,863,012
$ —
$ 16,256,645
11.46%
2016
Totals
1,968,206
2,031,571
63,365
16,567,389
12.26%
2017
Totals
1,900,189
1,941,668
41,479
16,965,974
11.44%
2018
Totals
1,930,380
2,032,727
102,347
17,940,334
11.33%
2019
Totals
1,600,357
1,677,888
77,531
18,248,083
9.19%
2020
Totals
2,006,703
2,006,703
—
17,965,116
11.17%
2021
Village
1,517,223
1,533,112
15,889
13,895,475
11.03%
Library
547,775
547,775
—
51015,507
10.92%
Totals 2,064,998 2,080,887 15,889 18,910,982 11.00%
Notes to the Required Supplementary Information:
Actuarial Cost Method
Amortization Method
Remaining Amortization Period
Asset Valuation Method
Inflation
Salary Increases
Investment Rate of Return
Retirement Age
Mortality
Entry Age Normal
Level % Pay (Closed)
23 Years
5 -Year Smoothed Fair Value
2.50%
3.35% - 14.25%
7.25%
See the Notes to the Financial Statements
IMRF specific mortality table was used with fully generational
projection scale MP -2017 (base year 2015).
Note: This schedule is intended to show information for ten years. Information for additional years will be
displayed as it becomes available.
105 118
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Police Pension Fund
Schedule of Employer Contributions
December 31, 2021
Fiscal
Year
Actuarially
Determined
Contribution
Contributions
in Relation to
the Actuarially
Determined
Contribution
Contribution
Excess/
(Deficiency)
Covered
Payroll
Contributions as
a Percentage of
Covered Payroll
2012
$ 2,484,859
$ 2,511,349
$ 26,490
$ 7,871,917
31.90%
2013
2,631,811
2,631,038
(773)
8,121,622
32.40%
2014
2,922,979
2,924,226
1,247
7,848,795
37.26%
2015
2,909,868
2,918,395
8,527
8,049,995
36.25%
2016
3,204,363
3,232,887
28,524
8,276,985
39.06%
2017
3,817,579
3,747,825
(69,754)
8,354,290
44.86%
2018
3,601,216
3,608,602
7,386
8,526,976
42.32%
2019
3,607,934
3,582,409
(25,525)
8,505,172
42.12%
2020
3,864,556
3,855,754
(8,802)
8,791,984
43.86%
2021
3,985,302
3,977,102
(8,200)
9,034,880
44.02%
Notes to the Required Supplementary Information:
Actuarial Cost Method Entry Age Normal
Amortization Method Level % Pay (Closed)
Remaining Amortization Period 20 Years
Asset Valuation Method 5 -Year Smoothed Fair Value
Inflation 2.50%
Salary Increases 4.00%
Investment Rate of Return 7.25%
Retirement Age See the Notes to the Financial Statements
Mortality RP -2014 Mortality Table with a Blue Collar Adjustment, with improvement
Scale MP -2019 applied generationally from 2013.
106 119
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Firefighters' Pension Fund
Schedule of Employer Contributions
December 31, 2021
Fiscal
Year
Actuarially
Determined
Contribution
Contributions
in Relation to
the Actuarially
Determined
Contribution
Contribution
Excess/
(Deficiency)
Covered
Payroll
Contributions as
a Percentage of
Covered Payroll
2012
$ 2,224,122
$ 2,260,834 $
36,712
$ 6,150,974
36.76%
2013
2,323,609
2,371,347
47,738
6,436,911
36.84%
2014
2,468,554
2,466,165
(2,389)
6,495,510
37.97%
2015
2,526,101
2,532,316
6,215
6,441,588
39.31%
2016
2,589,599
2,806,983
217,384
6,981,704
40.20%
2017
3,206,186
3,396,834
190,648
7,284,199
46.63%
2018
3,320,940
3,332,773
11,833
7,519,070
44.32%
2019
3,375,839
3,363,390
(12,449)
7,854,176
42.82%
2020
3,488,379
3,494,838
6,459
8,024,566
43.55%
2021
3,649,130
3,651,864
2,734
8,353,578
43.72%
Notes to the Required Supplementary Information:
Actuarial Cost Method Entry Age Normal
Amortization Method Level % Pay (Closed)
Remaining Amortization Period 20 Years
Asset Valuation Method 5 -Year Smoothed Fair Value
Inflation 2.50%
Salary Increases 4.00%
Investment Rate of Return 7.25%
Retirement Age See the Notes to the Financial Statements
Mortality RP -2014 Mortality Table with a blue collar adjustment, with improvement
scale MP -2019 applied generationally from 2013.
107 120
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Illinois Municipal Retirement Fund
Schedule of Changes in the Employer's Net Pension Liability/(Asset)
December 31, 2021
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability
Covered Payroll
91.93%
$ 16,258,793
87.23%
16,256,645
Employer's Net Pension Liability/(Asset) as a Percentage of
Covered Payroll 43.84% 72.26%
Note: This schedule is intended to show information for ten years. Information for additional years will be
displayed as it becomes available.
Changes of Assumptions. Changes in assumptions related to the discount rate were made in 2014 through 2020.
Changes in assumptions related to the demographics were made in 2014 and 2017.
108 121
12/31/2014
12/31/2015
Total
Total
Total Pension Liability
Service Cost
$ 1,830,586
1,810,785
Interest
5,880,604
6,548,331
Changes in Benefit Terms
—
—
Differences Between Expected and Actual Experience
1,583,453
(1,203,005)
Change of Assumptions
3,126,293
113,021
Benefit Payments, Including Refunds
of Member Contributions
(3,179,063)
(3,603,793)
Net Change in Total Pension Liability
9,241,873
3,665,339
Total Pension Liability - Beginning
79,082,287
88,324,160
Total Pension Liability - Ending
88,324,160
91,989,499
Plan Fiduciary Net Position
Contributions - Employer
$ 1,908,296
1,863,011
Contributions - Members
757,565
731,552
Net Investment Income
4,666,652
403,461
Benefit Payments, Including Refunds
of Member Contributions
(3,179,063)
(3,603,793)
Other (Net Transfer)
284,199
(348,936)
Net Change in Plan Fiduciary Net Position
4,437,649
(954,705)
Plan Net Position - Beginning
76,759,094
81,196,743
Plan Net Position - Ending
81,196,743
80,242,038
Employer's Net Pension Liability/(Asset)
$ 7,127,417
11,747,461
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability
Covered Payroll
91.93%
$ 16,258,793
87.23%
16,256,645
Employer's Net Pension Liability/(Asset) as a Percentage of
Covered Payroll 43.84% 72.26%
Note: This schedule is intended to show information for ten years. Information for additional years will be
displayed as it becomes available.
Changes of Assumptions. Changes in assumptions related to the discount rate were made in 2014 through 2020.
Changes in assumptions related to the demographics were made in 2014 and 2017.
108 121
12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
Total Total Total Total Village Library Totals
1,768,746
1,811,298
1,690,492
1,858,283 1,388,261
501,086
1,889,347
6,803,558
7,087,425
7,223,810
7,700,258 5,884,230
2,209,612
8,093,842
(756,505)
570,864
3,043,104
1,402,150 (1,664,398)
(600,757)
(2,265,155)
(232,520)
(3,034,659)
3,019,891
— (586,396)
(211,657)
(798,053)
(3,834,437)
(4,289,989)
(4,822,107)
(5,514,317)
(4,100,551)
(1,480,075)
(5,580,626)
3,748,842
91,989,499
2,144,939
95,738,341
10,155,190
97,883,280
5,446,374
108,038,470
921,146
83,270,196
418,209
30,214,648
1,339,355
113,484,844
95,738,341 97,883,280 108,038,470 113,484,844 84,191,342 30,632,857 114,824,199
2,031,571
1,941,668
2,032,727
1,677,888
1,474,493
532,211
2,006,704
745,535
766,547
1,104,133
879,607
608,427
219,609
828,036
5,536,369
14,755,335
(5,230,039)
17,276,295
11,307,092
4,081,242
15,388,334
(3,834,437)
(4,289,989)
(4,822,107)
(5,514,317)
(4,100,551)
(1,480,075)
(5,580,626)
403,724
(1,351,715)
1,969,030
527,892
(222,550)
(80,328)
(302,878)
4,882,762
11,821,846
(4,946,256)
14,847,365
9,066,911
3,272,659
12,339,570
80,242,038
85,124,800
96,946,646
92,000,390
78,330,383
28,517,372
106,847,755
85,124,800 96,946,646 92,000,390 106,847,755 87,397,294 31,790,031 119,187,325
10,613,541 936,634 16,038,080 6,637,089 (3,205,952) (1,157,174) (4,363,126)
88.91%
99.04%
85.16%
94.15%
103.81%
103.78%
103.80%
16,567,389
16,965,974
17,940,334
18,248,083
13,200,468
4,764,648
17,965,116
64.06%
5.52%
89.40%
36.37%
(24.29%)
(24.29%)
(24.29%)
109 122
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Police Pension Fund
Schedule of Changes in the Employer's Net Pension Liability
December 31, 2021
Total Pension Liability
Service Cost
Interest
Changes in Benefit Terms
Differences Between Expected and Actual Experience
Change of Assumptions
Benefit Payments, Including Refunds
of Member Contributions
Net Change in Total Pension Liability
Total Pension Liability - Beginning
Total Pension Liability - Ending
Plan Fiduciary Net Position
Contributions - Employer
Contributions - Members
Net Investment Income
Benefit Payments, Including Refunds
of Member Contributions
Administrative Expenses
Net Change in Plan Fiduciary Net Position
Plan Net Position - Beginning
Plan Net Position - Ending
Employer's Net Pension Liability
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability
Covered Payroll
12/31/2014 12/31/2015
$ 1,890,407 1,777,310
6,479,504 7,210,826
860,183
95,650
4,844,398
7,268,193
(4,117,120)
(4,529,962)
9,957,372
11,822,017
88,451,950
98,409,322
6-9
98,409,322 110,231,339
2,924,226
851,363
3,845,862
2,918,395
795,827
545,802
(4,117,120)
(4,529,962)
(60,382)
(49,947)
3,443,949
(319,885)
55,375,976
58,819,925
58,819,925 58,500,040
$ 39,589,397 51,731,299
59.77%
7,848,795
53.07%
8,049,995
Employer's Net Pension Liability as a Percentage of
Covered Payroll 504.40% 642.63%
Note: This schedule is intended to show information for ten years. Information for additional years will be
displayed as it becomes available.
110 123
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
12/31/2021
1,732,924
1,557,284
1,575,461
1,576,407
1,571,647
1,613,165
8,221,483
7,951,856
8,195,228
8,574,834
8,826,306
8,899,357
-
-
-
202,152
-
-
(5,201,074)
(1,650,048)
(208,550)
(439,430)
(2,533,619)
1,303,302
29,971
385,618
1,320,658
(343,513)
(485,790)
12,017,565
(4,688,978)
(4,404,364)
(5,407,697)
(5,887,879)
(6,306,360)
(6,518,558)
94,326
3,840,346
5,475,100
3,682,571
1,072,184
17,314,831
110,231,339
110,325,665
114,166,011
119,641,111
123,323,682
124,395,866
110,325,665 114,166,011 119,641,111 123,323,682 124,395,866 141,710,697
3,232,887
3,747,825
3,608,602
3,582,499
3,855,754
3,977,102
815,684
830,240
838,893
860,265
860,062
887,126
4,161,658
8,967,014
(3,697,156)
13,440,246
10,224,907
11,280,599
(4,688,978)
(4,404,364)
(5,407,697)
(5,887,879)
(6,306,360)
(6,518,558)
(44,605)
(48,339)
(37,596)
(35,695)
(59,676)
(60,168)
3,476,646
9,092,376
(4,694,954)
11,959,436
8,574,687
9,566,101
58,500,040
61,976,686
71,069,062
66,374,108
78,333,544
86,908,231
61,976,686 71,069,062 66,374,108 78,333,544 86,908,231 96,474,332
48,348,979 43,096,949 53,267,003 44,990,138 37,487,635 45,236,365
56.18%
62.25%
55.48%
63.52%
69.86%
68.08%
8,276,985
8,354,290
8,526,976
8,505,172
8,791,984
9,034,880
584.14%
515.87%
624.69%
528.97%
426.38%
500.69%
111 124
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Firefighters' Pension Fund
Schedule of Changes in the Employer's Net Pension Liability
December 31, 2021
Total Pension Liability
Service Cost
Interest
Changes in Benefit Terms
Differences Between Expected and Actual Experience
Change of Assumptions
Benefit Payments, Including Refunds
of Member Contributions
Net Change in Total Pension Liability
Total Pension Liability - Beginning
Total Pension Liability - Ending
Plan Fiduciary Net Position
Contributions - Employer
Contributions - Members
Net Investment Income
Benefit Payments, Including Refunds
of Member Contributions
Administrative Expenses
Net Change in Plan Fiduciary Net Position
Plan Net Position - Beginning
Plan Net Position - Ending
Employer's Net Pension Liability
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability
Covered Payroll
12/31/2014 12/31/2015
$ 1,673,836 1,515,101
5,780,241 6,270,507
225,575
1,603,162
3,234,155
7,648,623
(4,158,988)
(4,594,876)
6,754,819
12,442,517
79,149,378
85,904,197
85,904,197 98,346,714
2,466,165
644,384
3,963,252
2,532,317
606,932
1,806,126
(4,158,988)
(4,594,876)
(62,889)
(62,136)
2,851,924
288,363
53,716,415
56,568,339
56,568,339 56,856,702
$ 29,335,858 41,490,012
65.85%
6,495,510
57.81%
6,441,588
Employer's Net Pension Liability as a Percentage of
Covered Payroll 451.63% 644.10%
Note: This schedule is intended to show information for ten years. Information for additional years will be
displayed as it becomes available.
112 125
12/31/2016 12/31/2017 12/31/2018 12/3 1 /2019 12/31/2020 12/31/2021
1,429,810
1,426,033
1,427,248
1,479,272
1,581,259
1,623,510
7,296,444
7,228,968
7,510,621
7,617,301
7,829,880
8,064,784
-
-
-
403,544
-
-
(1,491,027)
1,470,077
(2,255,993)
64,710
970,396
1,328,239
396,832
(572,774)
809,820
(346,430)
(518,533)
7,790,489
(4,981,207)
(5,427,385)
(5,909,909)
(6,234,640)
(6,541,877)
(6,788,536)
2,650,852
4,124,919
1,581,787
2,983,757
3,321,125
12,018,486
98,346,714
100,997,566
105,122,485
106,704,272
109,688,029
113,009,154
100,997,566 105,122,485 106,704,272 109,688,029 113,009,154 125,027,640
2,806,983
3,396,834
3,332,773
3,363,390
3,494,838
3,651,864
668,070
678,476
688,000
793,037
758,838
782,338
3,049,538
9,323,369
(1,914,014)
10,947,884
11,556,727
7,021,828
(4,981,207)
(5,427,385)
(5,909,909)
(6,234,640)
(6,541,877)
(6,788,536)
(55,257)
(50,783)
(63,660)
(40,260)
(36,998)
(109,735)
1,488,127
7,920,511
(3,866,810)
8,829,411
9,231,528
4,557,759
56,856,702
58,344,829
66,265,340
62,398,530
71,227,941
80,459,469
58,344,829
66,265,340
62,398,530
71,227,941
80,459,469
85,017,228
42,652,737
38,857,145
44,305,742
38,460,088
32,549,685
40,010,412
57.77%
63.04%
58.48%
64.94%
71.20%
68.00%
6,981,704
7,284,199
7,519,070
7,854,176
8,024,566
8,353,578
610.92%
533.44%
589.24%
489.68%
405.63%
478.96%
113 126
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Police Pension Fund
Schedule of Investment Returns
December 31, 2021
Annual Money -
Weighted Rate
of Return, Net
Fiscal of Investment
Year Expense
2014
6.92%
2015
0.92%
2016
7.15%
2017
14.29%
2018
(5.21°/x)
2019
20.29%
2020
13.20%
2021
15.66%
Note: This schedule is intended to show information for ten years. Information for additional years will be
displayed as it becomes available.
114 127
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Firefighters' Pension Fund
Schedule of Investment Returns
December 31, 2021
Annual Money -
Weighted Rate
of Return, Net
Fiscal of Investment
Year Expense
2014
7.60%
2015
3.38%
2016
5.58%
2017
16.49%
2018
(2.80°/x)
2019
16.52%
2020
16.49%
2021
8.87%
Note: This schedule is intended to show information for ten years. Information for additional years will be
displayed as it becomes available.
115 128
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Retiree Benefit Plan
Schedule of Changes in the Employer's Total OPEB Liability
December 31, 2021
Total OPEB Liability
Service Cost
Interest
Changes in Benefit Terms
Differences Between Expected and Actual
Experience
Change of Assumptions or Other Inputs
Benefit Payments
Net Change in Total OPEB Liability
Total OPEB Liability - Beginning
Total OPEB Liability - Ending
Covered -Employee Payroll
Total OPEB Liability as a Percentage of
Covered -Employee Payroll
12/31/2018
$ 523,084
463,660
12/31/2019
457,933
457,768
12/31/2020 12/31/2021
560,011 882,943
407,957 329,431
(1,152,702)
(530,505)
(1,053,887)
(966,849)
(1,704,999)
1,326,575
3,217,155
(283,951)
(387,384)
(422,580)
(452,279)
(404,187)
(2,258,341)
1,289,191
2,678,957
(442,613)
13,147,473
10,889,132
12,178,323
14,857,280
10,889,132 12,178,323 14,857,280 14,414,667
S 26,110,072 26,958,649
41.70% 45.17%
27,836,531
53.37%
28,741,218
50.15%
Notes:
This schedule is intended to show information for ten years. Information for additional years will be displayed as
it becomes available.
No assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement 75.
Changes of Assumptions. Changes in assumptions related to the discount rate were made in 2018 through 2021.
116 129
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Budget
Original Final Actual
Revenues
Taxes
$ 23,385,087
23,385,087
23,607,673
Licenses and Permits
2,377,500
2,377,500
2,462,218
Intergovernmental
30,321,790
41,740,725
39,100,373
Charges for Services
1,892,600
2,692,600
3,153,582
Fines and Forfeitures
292,000
292,000
445,604
Interest
181,600
181,600
(3,025)
Miscellaneous
409,200
409,200
296,266
Total Revenues
58,859,777
71,078,712
69,062,691
Expenditures
General Government
7,298,613
7,298,613
6,441,083
Public Safety
38,722,030
39,258,235
38,734,462
Highways and Streets
9,659,400
10,585,305
9,370,338
Health
158,345
158,345
166,502
Welfare
1,536,648
1,536,180
1,422,835
Culture and Recreation
424,366
424,366
306,890
Total Expenditures
57,799,402
59,261,044
56,442,110
Excess (Deficiency) of Revenues
Over (Under) Expenditures
1,060,375
11,817,668
12,620,581
Other Financing Sources (Uses)
Disposal of Capital Assets
360
Transfers Out
(3,000,000)
(4,000,000)
(4,000,000)
(3,000,000)
(4,000,000)
(3,999,640)
Net Change in Fund Balance
(1,939,625)
7,817,668
8,620,941
Fund Balance - Beginning
26,174,371
Fund Balance - Ending
34,795,312
117 130
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Prospect and Main TIF - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Revenues
Taxes
Property Taxes
Interest
Total Revenues
Expenditures
General Government
Other Employee Costs
Contractual Services
Commodities and Supplies
Capital Outlay
Infrastructure
Other
Debt Service
Principal Retirement
Interest and Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources
Disposal of Capital Assets
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 1,348,000 1,348,000 1,483,537
5,000 5,000 131
1,353,000 1,353,000 1,483,668
1,500
1,500 600
80,000
80,000 164,443
1,500
1,500 —
100,000
275,990 —
704,000
704,000 224,812
320,000
699,338
320,000
699,338
320,000
699,188
1,906,338
2,082,328
1,409,043
(553,338) (729,328) 74,625
2,800,000 2,800,000 295,165
2,246,662 2,070,672 369,790
25,991
395,781
118 131
OTHER SUPPLEMENTARY INFORMATION
Other supplementary information includes financial statements and schedules not required by the GASB, nor a
part of the basic financial statements, but are presented for purposes of additional analysis.
Such statements and schedules include:
• Budgetary Comparison Schedules - Major Governmental Funds
• Combining Statements - Nonmajor Governmental Funds
• Budgetary Comparison Schedules - Nonmajor Governmental Funds
• Budgetary Comparison Schedules - Enterprise Funds
• Combining Statements - Internal Service Funds
• Budgetary Comparison Schedules - Internal Service Funds
• Combining Statements - Pension Trust Funds
• Consolidated Year -End Financial Report
119 132
GOVERNMENTAL FUNDS
120 133
MAJOR GOVERNMENTAL FUNDS
GENERAL FUND
General Fund: The General Fund is used to account for all financial resources except those required to be
accounted for in another fund.
SPECIAL REVENUE FUND
Prospect and Main TIF Fund: The Prospect/Main TIF Fund is used to account for the resources to acquire
property and construct certain improvements in the Prospect/Main Tax Incremental Financing District. Financing
is being provided by incremental property taxes, general obligation bond proceeds, and investment income.
DEBT SERVICE FUND
Debt Service Fund: The Debt Service Fund is used to account for the accumulation of funds for the periodic
payment of principal and interest on general long-term debt.
CAPITAL PROJECTS FUND
Police and Fire Building Construction Fund: The Police and Fire Building Construction Fund is used to
account for the resources to construct the police and fire building.
121 134
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Taxes
Property Taxes - General
Property Taxes - Police Pension
Property Taxes - Firefighters' Pension
Road and Bridge Property Tax
Auto Rental Tax
Food and Beverage Tax
Real Estate Transfer Tax
Hotel/Motel Tax
Telecommunications Tax
Home Rule Sales Tax
Gas Utility Tax
Electric Utility Tax
Total Taxes
Licenses and Permits
Liquor Licenses
Business Licenses
Contractor Licenses
Alarm Licenses
Elevator Licenses
Building Permit Fees
Reinspection Fees
Gaming License Fees
Vacant Structure Registration Fees
Truck Rental Fees
Utility Permit Fees
ZBA Hearing Fees
Village Impact Fees
False Alarm Fees
Landlord/Tenant Fees
Cable TV Franchise Fees
Total Licenses and Permits
122
Budget
Original Final Actual
S 9,254,152
9,254,152
9,131,948
3,767,056
3,767,056
3,740,356
3,375,879
3,375,879
3,354,313
130,000
130,000
115,889
16,500
16,500
34,924
820,000
820,000
1,080,890
1,125,000
1,125,000
1,471,917
220,000
220,000
161,448
1,600,000
1,600,000
1,322,482
1,325,000
1,325,000
1,462,117
566,500
566,500
628,031
1,185,000
1,185,000
1,103,358
23,385,087 23,385,087 23,607,673
200,000
200,000
173,865
148,000
148,000
145,079
100,000
100,000
138,400
47,000
47,000
45,188
28,000
28,000
24,480
600,000
600,000
739,596
20,000
20,000
4,225
43,000
43,000
76,850
5,000
5,000
3,000
5,000
5,000
4,815
5,000
5,000
28,250
12,000
12,000
10,500
50,000
50,000
18,798
7,500
7,500
5,600
341,000
341,000
303,402
766,000
766,000
740,170
2,377,500 2,377,500 2,462,218
135
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
Intergovernmental
State Sales Tax
State Income Tax
State Use Tax
Charitable Games Tax
Cannabis Education Fund
Municipal Cannabis Tax
Replacement Taxes
Replacement Taxes - Road and Bridge
Grant - Body Armor
Grant - Other
Total Intergovernmental
Charges for Services
Maintenance of State Highways
Ambulance Transport Fees
Forest River Rural FPD
Cable Programming Fees
Other Programs
Special Detail Revenue
Police Training Revenue
Fire Training Revenue
Lease Payments - Cell Towers
General Store Lease
Total Charges for Services
Fines and Forfeitures
Fines - Parking
Fines - Local Ordinances
Fines - Code Enforcement
Fines - Circuit Court
Fines - Parental Responsibility
Fines - Permit Penalties
Forfeited Escrow Funds
Total Fines and Forfeitures
Budget
Original Final Actual
$ 22,500,000
28,000,000
28,638,555
5,254,200
7,154,200
7,175,489
1,814,590
2,194,590
2,203,936
3,500
3,500
1,315
43,300
43,300
77,487
60,000
60,000
19,238
384,200
384,200
709,233
6,000
6,000
13,834
6,000
6,000
7,474
310,000
3,948,935
253,812
30,321,790 41,740,725 39,100,373
80,000
80,000
167,428
1,500,000
2,300,000
2,705,354
45,000
45,000
74,647
27,000
27,000
-
37,000
37,000
4,250
60,000
60,000
17,855
1,000
1,000
-
13,000
13,000
14,903
110,000
110,000
147,911
19,600
19,600
21,234
1,892,600 2,692,600 3,153,582
175,000
175,000
179,429
1,000
1,000
300
5,000
5,000
49,150
75,000
75,000
163,525
1,000
1,000
150
12,000
35,000
35,000
41,050
292,000 292,000 445,604
123 136
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
Interest
Investment Income
Interest - Escrow Funds
Total Interest
Miscellaneous
Reimburse - H/S Youth Officer
Reimburse - Mount Prospect Library
Shared Cost - Sidewalk
Shared Cost - Tree Replacement
Other Reimbursements
Human Services Revenue
Fire and Police Reports
Animal Release Fees
Subpoena Fees
Other Revenue
Total Miscellaneous
Total Revenues
Budget
Original Final Actual
$ 176,600 176,600 (3,221)
5,000 5,000 196
181,600 181,600 (3,025)
214,000
214,000
103,048
29,000
29,000
28,874
20,000
20,000
13,725
5,000
5,000
-
85,000
85,000
60,697
11,500
11,500
(275)
5,000
5,000
5,415
100
100
175
100 100 150
39,500 39,500 84,457
409,200 409,200 296,266
58,859,777 71,078,712 69,062,691
124 137
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2021
General Government
Public Representation - Administration
Village Administration
Finance Department
Community Development - Administration
Benefit Payments
Total General Government
Public Safety
Community Development - Code Enforcement
Police Department
Fire Department
Total Public Safety
Highways and Streets
Public Works Department
Health
Community Development - Health
Welfare
Human Services Department
Community Development - Housing
Total Welfare
Culture and Recreation
Public Representation - Community and Civic Services
Total Expenditures
Budget
Original Final
162,551
4,318,263
1,634,351
1,176,970
6,478
166,251
4,314,563
1,634,351
1,176,970
6,478
Actual
166,216
3,689,825
1,515,447
1,063,237
6,358
7,298,613 7,298,613 6,441,083
1,137,920
1,137,920
1,094,230
20,356,573
20,327,573
20,023,450
17,227,537
17,792,742
17,616,782
38,722,030
39,258,235
38,734,462
9,659,400
10,585,305
9,370,338
158,345
158,345
166,502
1,222,808 1,222,340 1,175,559
313,840 313,840 247,276
1,536,648 1,536,180 1,422,835
424,366 424,366 306,890
57,799,402 59,261,044 56,442,110
125 138
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2021
General Government
Public Representation - Administration
Mayor and Board of Trustees
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Total Mayor and Board of Trustees
Village Administration
Village Manager's Office
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Insurance
Other Expenditures
Total Village Manager's Office
Legal Services
Contractual Services
Human Resources
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Human Resources
Budget
Original Final Actual
$ 25,006
25,006
25,045
1,917
1,917
1,916
7,000
7,000
6,561
123,428
127,128
127,427
5,200 5,200 5,267
162,551 166,251 166,216
616,222
616,222
584,909
226,685
226,685
225,465
28,086
28,086
11,512
68,895
65,195
42,824
4,300
4,300
2,834
7,579
7,579
6,728
235
235
216
19,800
19,800
19,800
143,697
143,697
-
1,115,499 1,111,799 894,288
634,500 634,500 468,616
224,615
224,615
229,681
235,374
235,374
272,836
61,860
61,860
34,471
9,100
9,100
9,367
1,300
1,300
1,638
532,249 532,249 547,993
126 139
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
General Government - Continued
Village Administration - Continued
Information Technology
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Total Information Technology
Communications
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Communications
Television Services
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Television Services
Community Engagement
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Total Community Engagement
Budget
Original Final Actual
$ 504,624
504,624
443,341
205,769
205,769
174,432
5,000
5,000
300
531,915
531,915
480,333
35,600
35,600
32,091
500
500
475
16,000
16,000
12,959
1,299,408 1,299,408 1,143,931
92,136
92,136
93,730
47,620
47,620
46,004
3,100
3,100
75
94,200
94,200
83,212
1,800
1,800
-
238,856 238,856 223,021
74,279
74,279
65,952
31,631
31,631
30,211
36,823
36,823
20,917
4,500
4,500
3,418
15,000
15,000
7,697
162,233 162,233 128,195
5,000
5,000 400
143,000
143,000 105,413
920
920 939
1,000
1,000 171
149,920 149,920 106,923
127 140
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
General Government - Continued
Village Administration - Continued
Village Clerk's Office
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Village Clerk's Office
Total Village Administration
Finance Department
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Insurance
Total Administration and Support
Accounting
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Accounting
Insurance
Budget
Original Final Actual
$ 105,593
105,593
109,685
52,255
52,255
47,430
1,815
1,815
369
24,935
24,935
18,462
1,000
1,000
912
185,598 185,598 176,858
4,318,263 4,314,563 3,689,825
216,988
216,988
219,762
80,815
80,815
94,023
29,900
29,900
7,028
243,090
243,090
210,539
2,500
2,500
1,839
18,150
18,150
5,061
80,000
80,000
57,616
12,503
12,503
12,503
683,946 683,946 608,371
365,009
365,009
347,656
116,106
116,106
114,406
4,000
4,000
1,260
2,500
2,500
958
9,500
9,500
3,220
497,115
497,115
467,500
35,000 35,000 37,956
128 141
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
General Government - Continued
Finance Department - Continued
Customer Service
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Customer Service
Total Finance Department
Community Development - Administration
Administration and Support - Economic Development
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Insurance
Budget
Original Final Actual
$ 251,951
251,951
250,225
75,099
75,099
73,678
2,345
2,345
35
72,370
72,370
66,634
16,525
16,525
11,048
418,290 418,290 401,620
1,634,351 1,634,351 1,515,447
126,744
126,744
127,534
42,814
42,814
41,898
4,945
4,945
1,261
28,091
28,091
28,789
1,452
1,452
1,827
1,149
1,149
71
5,261
5,261
5,261
Total Administration and Support - Economic Development 210,456 210,456 206,641
Planning and Zoning
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Planning and Zoning
204,636
204,636
197,220
59,257
59,257
68,252
11,056
11,056
1,251
25,381
25,381
11,831
8,590
8,590
2,726
308,920 308,920 281,280
129 142
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
General Government - Continued
Community Development - Administration
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Total Community Development - Administration
Administration and Support - Building and Inspections
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Insurance
Budget
Original Final Actual
$ 97,986
97,986
89,222
25,767
25,767
27,746
1,723
1,723
2,785
100,000
100,000
34,391
225,476
225,476
154,144
265,742
265,742
266,958
105,249
105,249
106,845
3,037
3,037
2,531
30,892
30,892
27,878
8,500
8,500
167
3,288
3,288
1,383
15,410
15,410
15,410
Total Administration and Support - Building and Inspections 432,118 432,118 421,172
Total Community Development - Administration
Benefit Payments
Contractual Services
1,176,970 1,176,970 1,063,237
6,478 6,478 6,358
Total General Government
7,298,613
7,298,613
6,441,083
Public Safety
Community Development - Code Enforcement
Building Inspection
Personal Services
705,454
705,454
703,422
Employee Benefits
334,300
334,300
331,162
Other Employee Costs
4,872
4,872
1,424
Contractual Services
76,654
76,654
39,043
Utilities
7,641
7,641
8,353
Commodities and Supplies
8,999
8,999
10,826
Total Community Development - Code Enforcement
1,137,920
1,137,920
1,094,230
130 143
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
Public Safety - Continued
Police Department
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Insurance
Total Administration and Support
Records
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Records
Patrol and Traffic Enforcement
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Patrol and Traffic Enforcement
K-9 Unit
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total K-9 Unit
Budget
Original Final Actual
$ 912,390
912,390
907,600
4,388,408
4,388,408
4,336,709
168,985
168,985
154,838
229,372
229,372
190,683
25,000
25,000
18,782
29,475
29,475
24,959
23,180
15,180
1,882
190,661
190,661
190,661
5,967,471 5,959,471 5,826,114
383,586
383,586
373,139
193,177
193,177
188,607
9,188
9,188
3,362
5,320
5,320
3,363
520
520
-
591,791 591,791 568,471
8,215,904
8,215,904
8,282,061
1,527,245
1,527,245
1,670,585
545,133
547,133
543,626
110,545
104,545
86,738
6,583
6,583
2,449
10,405,410 10,401,410 10,585,459
131,030
131,030
121,205
20,883
20,883
27,757
5,580
5,580
3,672
5,020
5,020
3,124
162,513 162,513 155,758
131 144
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
Public Safety - Continued
Police Department - Continued
Crime Prevention and Public Services
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Crime Prevention and Public Services
Civic Events
Personal Services
Employee Benefits
Total Civic Events
Investigative
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Total Investigative
Equipment Maintenance
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Equipment Maintenance
Total Police Department
Budget
Original Final Actual
$ 143,601
143,601
146,423
36,730
36,730
36,653
4,500
4,500
4,499
1,740
1,740
1,453
16,970
16,970
42,244
203,541 203,541 231,272
53,650
1,093
54,743
1,600,216
1,600,216
1,328,800
290,266
290,266
221,705
31,007
31,007
18,166
12,000
12,000
4,338
4,645
4,645
1,543
840
840
52
1,938,974 1,938,974 1,574,604
1,043,913
1,026,913
993,919
33,560
33,560
26,663
9,400
9,400
6,447
1,086,873 1,069,873 1,027,029
20,356,573 20,327,573 20,023,450
132 145
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
Public Safety - Continued
Fire Department
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Office and Other Equipment
Insurance
Total Administration and Support
Fire Department Operations
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Fire Department Operations
Fire Prevention
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Fire Prevention
Communications
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Total Communications
Budget
Original Final Actual
$ 746,205
746,205
728,246
4,008,723
4,008,723
4,023,106
51,100
53,100
41,750
58,736
400,776
381,417
14,310
14,310
9,897
51,000
5,000
3,279
157,182
157,182
157,182
5,041,256 5,385,296 5,344,877
8,457,066
8,683,066
8,620,414
1,582,903
1,582,903
1,616,335
88,560
88,560
33,436
149,001
150,001
165,549
21,525
21,525
14,912
137,470
137,436
141,103
10,436,525
10,663,491
10,591,749
267,975
267,975
268,155
1121,477
112,477
96,293
5,980
5,980
3,251
2,500
2,500
1,151
18,600
18,600
14,992
407,532 407,532 383,842
3,800
3,800
3,553
21,000
21,000
18,017
1,600
1,600
90
19,500
16,150
9,865
45,900 42,550 31,525
133 146
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
Public Safety - Continued
Fire Department - Continued
Equipment Maintenance
Contractual Services
Emergency Preparedness
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Emergency Preparedness
Paid on Call
Personal Services
Employee Benefits
Other Employee Costs
Office and Other Equipment
Total Paid on Call
Fire Training Academy
Commodities and Supplies
Total Fire Department
Total Public Safety
Highways and Streets
Public Works Department
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Insurance
Total Administration and Support
Budget
Original Final Actual
$ 1,019,115 1,019,115 1,019,115
160,152
160,152
144,567
41,918
41,918
51,702
3,000
1,000
829
6,500
6,500
6,141
22,100
22,100
21,020
233,670 231,670 224,259
29,564
29,564
12,745
1,775
1,775
982
8,600
8,450
4,236
3,600
3,299
3,299
43,539 43,088 21,262
153
17,227,537 17,792,742 17,616,782
38,722,030 39,258,235 38,734,462
286,534
286,534
286,422
186,834
186,834
194,657
32,422
32,422
35,835
1,363,975
1,363,975
1,355,539
4,245
4,245
3,683
16,693
16,693
12,180
1,577
1,577
1,389
179,915
179,915
179,915
2,072,195 2,072,195 2,069,620
134 147
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
Highways and Streets - Continued
Public Works Department - Continued
Street and Buildings Division
Administration
Personal Services
Employee Benefits
Utilities
Commodities and Supplies
Total Administration
Maintenance - Public Buildings
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Other Expenditures
Total Maintenance - Public Buildings
Street Maintenance
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Street Maintenance
Snow Removal
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Snow Removal
Budget
Original Final Actual
$ 123,392
123,392
117,428
45,590
45,590
54,697
4,245
4,245
4,564
270
270
152
173,497 173,497 176,841
427,003
427,003
408,432
167,761
167,761
169,821
484,904
484,904
392,412
39,500
54,500
50,628
155,800
155,800
124,549
4,417
4,417
-
1,279,385 1,294,385 1,145,842
319,681
319,681
289,663
121,864
121,864
119,564
626,632
1,537,537
830,151
48,377
48,377
23,447
1,116,554 2,027,459 1,262,825
404,937
404,937
377,548
155,162
155,162
152,728
108,981
108,981
67,443
13,432
13,432
8,891
682,512 682,512 606,610
135 148
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
Highways and Streets - Continued
Public Works Department - Continued
Street and Buildings Division - Continued
Storm Sewer/Basin Maintenance
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Storm Sewer/Basin Maintenance
Maintenance of State Highways
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Maintenance of State Highways
Traffic Sign Maintenance
Personal Services
Employee Benefits
Commodities and Supplies
Total Traffic Sign Maintenance
Civic Events
Personal Services
Employee Benefits
Commodities and Supplies
Total Civic Events
Total Street and Buildings Division
Budget
Original Final Actual
$ 87,969
87,969
84,053
31,971
31,971
33,275
11,185
14,702
11,752
10,253
6,736
6,405
141,378 141,378 135,485
41,309
41,309
39,999
16,262
16,262
16,574
20,379
20,379
18,581
32,950
32,950
8,375
110,900 110,900 83,529
81,988
81,988
62,799
39,139
39,139
31,140
33,922
33,922
33,711
155,049 155,049 127,650
41,315 41,315 37,649
7,795 7,795 9,137
115 115 8
49,225 49,225 46,794
3,708,500 4,634,405 3,585,576
136 149
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
Highways and Streets - Continued
Public Works Department - Continued
Forestry Division
Administration and Support
Personal Services
Employee Benefits
Commodities and Supplies
Total Administration and Support
Maintenance of Grounds
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Maintenance of Grounds
Forestry Program
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Total Forestry Program
Public Grounds Beautification
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Public Grounds Beautification
Budget
Original Final Actual
$ 116,869 116,869 117,017
42,517 42,517 42,126
450 450 1,840
159,836 159,836 160,983
194,270
194,270
173,911
68,302
68,302
92,305
299,349
295,349
274,145
9,942
9,942
9,592
7,990
7,990
2,974
579,853 575,853 552,927
493,880
493,880
487,165
192,414
192,414
205,009
6,723
6,723
1,967
457,534
457,534
437,386
3,978
3,978
5,580
12,291
16,291
14,377
1,166,820 1,170,820 1,151,484
109,248
109,248 103,843
42,840
42,840 44,629
2,703
2,703 -
36,978
36,978 36,079
191,769 191,769 184,551
137 150
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
Highways and Streets - Continued
Public Works Department - Continued
Forestry Division
Civic Events
Personal Services
Employee Benefits
Total Civic Events
Holiday
Personal Services
Employee Benefits
Total Holiday
Total Forestry Division
Engineering Division
Engineering Services
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Total Engineering Services
Traffic Control and Street Lighting
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Total Traffic Control and Street Lighting
Total Engineering Division
Budget
Original Final Actual
$ 47,455 47,455 45,984
9,593 9,593 10,985
57,048 57,048 56,969
10,010 10,010 9,514
4,371 4,371 4,638
14,381 14,381 14,152
2,169,707 2,169,707 2,121,066
849,427
849,427
824,126
282,351
282,351
283,183
5,673
5,673
3,656
123,781
123,781
91,776
6,000
6,000
5,375
7,786
7,786
4,909
2,504
2,504
1,763
1,277,522
1,277,522
1,214,788
55,098
55,098
51,354
23,234
23,234
20,361
17,289
17,289
11,282
25,000
25,000
489
28,629
28,629
18,092
149,250 149,250 101,578
1,426,772 1,426,772 1,316,366
138 151
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
Highways and Streets - Continued
Public Works Department - Continued
Capital Expenditures
Infrastructure
Resurfacing/Curbs
Miscellaneous - Forestry
Total Capital Expenditures
Total Highways and Streets
Health
Community Development - Health
Health Inspections
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Total Health
Welfare
Human Services Department
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Insurance
Total Administration and Support
Budget
Original Final Actual
$ 97,500 97,500 93,984
184,726 184,726 183,726
282,226 282,226 277,710
9,659,400 10,585,305 9,370,338
111,367
32,220
1,423
8,682
1,204
3,449
111,367
32,220
1,423
8,682
1,204
3,449
104,996
50,925
170
7,705
-
2,706
158,345
158,345
166,502
162,328
162,328
163,168
73,435
73,435
70,977
1,800
1,800
532
31,952
30,452
26,151
4,000
4,000
3,171
4,320
4,805
2,950
547
1,094
118
8,670
8,670
8,670
287,052 286,584 275,737
139 152
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
Budget
Original Final Actual
Welfare - Continued
215,658
211,867
66,137
Human Services Department - Continued
65,467
2,549
2,549
Social Services
100,512
100,512
88,823
Personal Services
$ 262,360
262,360
261,036
Employee Benefits
91,714
91,714
90,323
Other Employee Costs
3,887
3,887
1,084
Commodities and Supplies
750
750
671
Total Social Services
358,711
358,711
353,114
Nursing/Health Services
Personal Services
127,254
127,254
121,940
Employee Benefits
48,392
48,392
50,492
Other Employee Costs
1,180
1,180
275
Contractual Services
255
255
-
Commodities and Supplies
5,823
5,823
1,294
Office and Other Equipment
510
510
168
Total Nursing/Health Services
Community Connections Center
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Total Community Connections Center
Total Human Services Department
183,414 183,414 174,169
215,658
215,658
211,867
66,137
66,137
65,467
2,549
2,549
560
100,512
100,512
88,823
4,746
4,746
3,793
4,029
4,029
1,685
344
393,631 393,631 372,539
1,222,808 1,222,340 1,175,559
140 153
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
Welfare - Continued
Community Development - Housing
Housing Inspections
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Total Community Development - Housing
Total Welfare
Culture and Recreation
Public Representation - Community and Civic Services
Community Groups and Miscellaneous
Contractual Services
Other Expenditures
Total Community Groups and Miscellaneous
4th of July and Civic Events
Budget
Original Final Actual
$ 172,612
172,612
141,164
67,891
67,891
58,001
3,723
3,723
2,470
57,040
57,040
40,461
4,649
4,649
-
7,925
7,925
5,180
313,840 313,840 247,276
1,536,648 1,536,180 1,422,835
232,435
6,120
233,435
6,120
176,440
2,715
238,555
239,555
179,155
Employee Benefits
16,464
16,464
15,567
Contractual Services
29,352
29,352
26,007
Commodities and Supplies
42,766
41,766
8,372
Total 4th of July and Civic Events
88,582
87,582
49,946
Holiday Decorations
Contractual Services
72,532
62,114
44,532
Commodities and Supplies
24,697
35,115
33,542
Total Holiday Decorations
97,229
97,229
78,074
141 154
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
Culture and Recreation - Continued
Blood Drive Program
Commodities and Supplies
Total Culture and Recreation
Total Expenditures
Budget
Original Final Actual
$ (285)
424,366 424,366 306,890
57,799,402 59,261,044 56,442,110
142 155
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Debt Service Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Revenues
Taxes
Property - Levy
Other Taxes
Home Rule Sales Tax
Video Gaming Tax
Intergovernmental
Mount Prospect Public Library Bonds
Interest
Total Revenues
Expenditures
Debt Service
Principal Retirement
Interest and Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources
Transfers In
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 2,690,171 2,690,171 2,690,171
925,000
925,000
925,000
45,000
45,000
152,152
1,575,900
1,575,900
1,576,750
15,000
15,000
835
5,251,071
5,251,071
5,344,908
4,270,000
4,270,000
4,270,000
2,424,799
2,424,799
2,424,107
6,694,799 6,694,799 6,694,107
(1,443,728) (1,443,728) (1,349,199)
600,000 — 4,819
(843,728) (1,443,728) (1,344,380)
1,782,485
143 156
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Police and Fire Building Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Revenues
Interest $
Expenditures
Capital Outlay
Facility Construction
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing (Uses)
Transfers Out
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final
45,000
Actual
126
39,441
(45,000) (39,315)
(600,000) (600,000) (4,819)
(600,000) (645,000) (44,134)
44,134
144 157
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Motor Fuel Tax Fund: The Motor Fuel Tax Fund is used to account for the activities involved with street
maintenance and construction. Financing is provided by the Village's share of state gasoline taxes. State law
requires these gasoline taxes to be used to maintain streets.
The Refuse Disposal Fund: - The Refuse Disposal Fund is used to account for the revenues and expenditures
associated with providing solid waste collection services. Financing provided by restricted user fees and
recycling income.
Community Development Block Grant (CDBG) Fund: The Community Development Block Grant Fund is
used to account for the revenue and expenditures associated with the CDBG. The grant is provided by the U.S.
Department of Housing and Urban Development to develop urban communities by expanding economic
opportunities and providing decent housing and a suitable living environment. The beneficiaries of CDBG must
be individuals with low and/or moderate incomes.
Asset Seizure Fund: The Asset Seizure Fund is used to account for the revenues and expenditures associated
with the asset seizure program in which the Village participates. Funds received are restricted for use in the
fight against drugs.
Federal Equitable Share Fund: The Federal Equitable Share Fund is used to account for the revenues and
expenditures associated with the Federal Shared Funds program. The use of funds is restricted for use in the
fight against drugs.
DUI Fines Fund: The DUI Fines Fund is used to account for the revenues and expenditures associated with the
Cook County DUI fine program. Use of funds is restricted to fight against drunk driving.
Foreign Fire Insurance Fund: The Foreign Fire Insurance Fund is used to account for the revenues derived
from the Foreign Fire Insurance Tax and disbursement of these funds for the benefit, use and maintenance
related to the Fire Department.
Business District Fund: The Business District Fund is used to account for the revenues and expenditures
associated with the Business Districts within the Village. The Village currently has one Business District, the
Randhurst Village Business District Area.
145 158
NONMAJOR GOVERNMENTAL FUNDS - Continued
CAPITAL PROJECTS FUNDS
Capital Improvement Fund: The Capital Improvement Fund is used to account for the resources to provide
for certain capital improvements and the replacement of Village equipment. Financing is being provided by
home rule sales tax, developer contributions, transfers from other funds, and investment income.
Flood Control Construction Fund: The Flood Control Construction fund is used to account for the resources
to implement flood control projects throughout the Village. Financing is provided by home rule sales taxes,
service charges, and investment income.
Street Improvement Construction Fund: The Street Improvement Construction Fund is used to account for
the resources to reconstruct Village streets. Financing is being provided by various taxes, licenses, permits, fees
and interest income.
146 159
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental Funds
Combining Balance Sheet
December 31, 2021
ASSETS
Cash and Investments
Receivables - Net of Allowances
Other Taxes
Other
Accounts
Due from Other Governments
Prepaids
Total Assets
LIABILITIES
Accounts Payable
Accrued Payroll
Retainage Payable
Due to Other Governments
Due to Other Funds
Other Payables
Total Liabilities
FUND BALANCES
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total Fund Balances
Total Liabilities and Fund Balances
147
Special Capital
Revenue Projects Totals
$ 6,378,108 7,948,358 14,326,466
552,596
1,071,941 1,624,537
677,116
— 677,116
492
— 492
522,368
1,297,957 1,820,325
79,781
— 79,781
8,210,461 10,318,256 18,528,717
353,345
190,936
544,281
12,193
—
12,193
—
10,650
10,650
12,175
149,912
162,087
—
1,801,494
1,801,494
1,470,550
—
1,470,550
1,848,263
2,152,992
4,001,255
79,781
— 79,781
5,270,068
— 5,270,068
1,012,349—
1,012,349
—
8,157,144 8,157,144
—
8,120 8,120
6,362,198
8,165,264 14,527,462
8,210,461 10,318,256 18,528,717
160
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
For the Fiscal Year Ended December 31, 2021
Special Capital
Revenue Projects Totals
Revenues
Taxes
$ 923,920
4,998,708
5,922,628
Intergovernmental
3,444,574
2,848,071
6,292,645
Licenses and Permits
—
1,451,051
1,451,051
Charges for Services
4,814,332
—
4,814,332
Interest
1,453
1,466
2,919
Miscellaneous
1,321,037
181,399
1,502,436
Total Revenues
10,505,316
9,480,695
19,986,011
Expenditures
Current
General Government
1,473,245
—
1,473,245
Public Safety
57,315
—
57,315
Highways and Streets
2,636,234
—
2,636,234
Health
4,818,826
—
4,818,826
Welfare
703,509
—
703,509
Capital Outlay
—
10,837,406
10,837,406
Total Expenditures
9,689,129
10,837,406
20,526,535
Excess (Deficiency) of Revenues
Over (Under) Expenditures
816,187
(1,356,711)
(540,524)
Other Financing Sources (Uses)
Transfers In — 4,540,000 4,540,000
Transfers Out — (540,000) (540,000)
4,000,000 4,000,000
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
816,187 2,643,289 3,459,476
5,546,011 5,521,975 11,067,986
6,362,198 8,165,264 14,527,462
148 161
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental - Special Revenue Funds
Combining Balance Sheet
December 31, 2021
See Following Page
149 162
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental - Special Revenue Funds
Combining Balance Sheet
December 31, 2021
ASSETS
Cash and Investments
Receivables - Net of Allowances
Other Taxes
Other
Accounts
Due from Other Governments
Prepaids
Total Assets
LIABILITIES
Accounts Payable
Accrued Payroll
Due to Other Governments
Other Payables
Total Liabilities
FUND BALANCES
N onspendable
Restricted
Committed
Total Fund Balances
Total Liabilities and Fund Balances
Motor
Community
Fuel
Refuse Development
Tax
Disposal Block Grant
$ 4,353,330 683,199 —
201,429
— 622,565 —
150
522,368
— 78,701 —
4,554,759 1,384,465 522,368
62,304 281,222 9,819
— 12,193 —
12,175
512,549
74,479 293,415 522,368
— 78,701 —
4,480,280
— 1,012,349 —
4,480,280 1,091,050 —
4,554,759 1,384,465 522,368
163
Federal Foreign
Asset Equitable DUI Fire
Seizure Share Fines Insurance
Business
District Totals
105,013 57,872 148,677 477,734 552,283 6,378,108
351,167 552,596
54,551 677,116
492 492
522,368
- - - 1,080 - 79,781
105,505 57,872 148,677 478,814 958,001 8,210,461
151 164
353,345
12,193
-
12,175
958,001 1,470,550
958,001 1,848,263
- - - 1,080
- 79,781
105,505 57,872 148,677 477,734
- 5,270,068
1,012,349
105,505 57,872 148,677 478,814
- 6,362,198
105,505 57,872 148,677 478,814
958,001 8,210,461
151 164
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental - Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
For the Fiscal Year Ended December 31, 2021
Revenues
Taxes
Intergovernmental
Charges for Services
Interest
Miscellaneous
Total Revenues
Expenditures
Current
General Government
Public Safety
Highways and Streets
Health
Welfare
Total Expenditures
Net Change in Fund Balances
Fund Balances - Beginning
Motor
Community
Fuel
Refuse Development
Tax
Disposal Block Grant
2,122,371 — 661,380
— 4,814,332 —
982 135 —
1,203,601 75,307 42,129
3,326,954 4,889,774 703,509
2,636,234
— 4,818,826 —
703,509
2,636,234 4,818,826 703,509
690,720 70,948 —
3,789,560 1,020,102
Fund Balances - Ending 4,480,280 1,091,050 —
152
165
Federal Foreign
Asset Equitable DUI Fire Business
Seizure Share Fines Insurance District Totals
102,272 821,648 923,920
752 5,878 2,805 — 651,388 3,444,574
4,814,332
31 5 6 85 209 1,453
1,321,037
783 5,883 2,811 102,357 1,473,245 10,505,316
1,473,245 1,473,245
15,921 — 4,096 37,298 — 57,315
2,636,234
4,818,826
703,509
15,921 — 4,096 37,298 1,473,245 9,689,129
(15,138) 5,883 (1,285)
120,643 51,989 149,962
65,059 — 816,187
413,755 — 5,546,011
105,505 57,872 148,677 478,814 — 6,362,198
153 166
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Motor Fuel Tax - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Revenues
Intergovernmental
Motor Fuel Tax Allotments
Interest
Miscellaneous
Total Revenues
Expenditures
Highway and Streets
Street Maintenance
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 1,895,845 2,120,845 2,122,371
5,000 5,000 982
1,199,940 1,199,940 1,203,601
3,100,785 3,325,785 3,326,954
3,100,376 2,782,149 2,636,234
409 543,636 690,720
3,789,560
4,480,280
154 167
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Motor Fuel Tax - Special Revenue Fund
Schedule of Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Highway and Streets
Street Division
Street Maintenance
Contractual Services
Snow Removal
Contractual Services
Commodities and Supplies
Total Snow Removal
Traffic Control/Street Lighting
Contractual Services
Utilities
Total Traffic Control/Street Lighting
Street Improvement Projects
Infrastructure
Total Expenditures
155
Budget
Original Final Actual
$ 183,126 183,126 182,924
84,463 84,463 79,933
380,000 380,000 352,189
464,463 464,463 432,122
99,787
99,787
90,577
254,000
254,000
199,838
353,787
353,787
290,415
2,099,000 1,780,773 1,730,773
3,100,376 2,782,149 2,636,234
168
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Refuse Disposal - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Revenues
Charges for Services
Interest
Miscellaneous
Total Revenues
Expenditures
Health
Refuse Disposal Division
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Insurance
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final
S 4,775,000 4,848,000
5,348 5,348
10,000 10,000
Actual
4,814,332
135
75,307
4,790,348 4,863,348 4,889,774
316,889
316,889
304,945
129,532
153,184
164,320
1,377
1,627
256
4,287,258
4,312,008
4,319,690
42,560
42,560
16,883
12,732
12,732
12,732
4,790,348
4,839,000
4,818,826
24,348 70,948
1,091,050
156 169
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Refuse Disposal - Special Revenue Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Charges for Services
Single -Family Service Charges
Multi -Family Service Charges
Single -Family Penalties
Multi -Family Penalties
Contract Administrative Fees
Recycling Bins
Yard Waste Cart Rental
Total Charges for Services
Interest
Miscellaneous
Reimbursements
Other
Total Miscellaneous
Total Revenues
157
Budget
Original Final Actual
S 3,500,000
3,500,000
3,470,639
1,100,000
1,173,000
1,172,931
36,500
36,500
32,783
3,500
3,500
3,405
107,500
107,500
108,334
2,500
2,500
1,300
25,000
25,000
24,940
4,775,000
4,848,000
4,814,332
5,348 5,348 135
5,000 5,000 66,791
5,000 5,000 8,516
10,000 10,000 75,307
4,790,348 4,863,348 4,889,774
170
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Community Development Block Grant - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Revenues
Intergovernmental
Grant - CDBG
Miscellaneous
Program Income
Total Revenues
Expenditures
Welfare
Administration and Support
Community Programs
Residential Rehabilitation
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 388,868
634,694
661,380
79,632
79,632
42,129
468,500
714,326
703,509
58,500 304,326
410,000 410,000
1,700
385,789
316,020
468,500 714,326 703,509
158 171
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Asset Seizure - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Revenues
Intergovernmental
Seized Assets
Interest
Total Revenues
Expenditures
Public Safety
Other Employee Costs
Contractual Services
Equipment
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 5,000 5,000 752
1,000 1,000 31
6,000 6,000 783
1,000
1,000 —
3,000
3,000 —
3,000
15,921 15,921
7,000 19,921 15,921
(1,000) (13,921) (15,138)
105,505
159 172
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Federal Equitable Share - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Revenues
Intergovernmental
Federal Equitable Shared Funds
Interest
Total Revenues
Expenditures
Public Safety
Contractual Services
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 4,000
100
4,000
100
5,878
5
4,100
4,100
5,883
1,000
1,000
—
3,100
3,100
5,883
51,989
57,872
160 173
VILLAGE OF MOUNT PROSPECT, ILLINOIS
DUI Fines - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Revenues
Intergovernmental
DUI Fines
Interest
Total Revenues
Expenditures
Public Safety
Other Employee Costs
Contractual Services
Equipment
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 10,000 10,000 2,805
200 200 6
10,200 10,200 2,811
1,000
3,043 3,043
1,000
1,000 —
46,000
1,053 1,053
48,000
5,096 4,096
(37,800) 5,104 (1,285)
149,962
148,677
161 174
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Foreign Fire Insurance - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Revenues
Taxes
Other Taxes
Foreign Fire Insurance Tax
Interest
Total Revenues
Expenditures
Public Safety
Insurance
Other Employee Costs
Contractual Services
Commodities and Supplies
Building Improvements
Equipment
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 75,000 75,000 102,272
2,500 2,500 85
77,500 77,500 102,357
500
500 —
7,950
7,950 684
11,750
11,750 6,078
11,000
11,000 —
6,000
6,000 —
29,750
19,750 30,536
66,950 56,950 37,298
10,550 20,550 65,059
411 755
478,814
162 175
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Business District - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Budget
Original Final Actual
Revenues
Taxes
Other Taxes
Food and Beverage Tax
S 385,000
385,000
331,694
Hotel/Motel Tax
200,000
200,000
164,828
Movie Theater Tax
75,000
75,000
34,249
Business District Tax
275,000
275,000
290,877
Intergovernmental
State Sales Tax
450,000
450,000
651,388
Interest
5,000
5,000
209
Total Revenues
1,390,000
1,390,000
1,473,245
Expenditures
General Government
1,390,000
1,390,000
1,473,245
Net Change in Fund Balance
Fund Balance - Beginning —
Fund Balance - Ending —
163 176
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental - Capital Projects Funds
Combining Balance Sheet
December 31, 2021
ASSETS
Cash and Investments
Receivables - Net of Allowances
Other Taxes
Due from Other Governments
Total Assets
LIABILITIES
Accounts Payable
Retainage Payable
Due to Other Governments
Due to Other Funds
Total Liabilities
FUND BALANCES
Flood Street
Capital Control Improvement
Improvement Construction Construction Totals
$ 4,799,408 208,076
2,940,874 7,948,358
337,117 337,117
397,707 1,071,941
1,297,957
— 1,297,957
1,801,494
— 1,801,494
5,136,525 1,843,150
3,338,581 10,318,256
174,092 11,594
5,250 190,936
10,650
10,650
21,942
127,970 149,912
1,801,494
— 1,801,494
184,742 1,835,030
133,220 2,152,992
Assigned 4,951,783 — 3,205,361 8,157,144
Unassigned 8,120 — 8,120
Total Fund Balances 4,951,783 8,120 3,205,361 8,165,264
Total Liabilities and Fund Balances 5,136,525 1,843,150 3,338,581 10,318,256
164 177
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental - Capital Projects Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
For the Fiscal Year Ended December 31, 2021
Revenues
Taxes
Other
Intergovernmental
Licenses, Permits and Fees
Interest
Miscellaneous
Total Revenues
Expenditures
Capital Outlay
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Transfers In
Transfers Out
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
Flood Street
Capital Control Improvement
Improvement Construction Construction Totals
$ 1,662,117 978,117 2,358,474 4,998,708
— 2,848,071 — 2,848,071
1,451,051 1,451,051
890 41 535 1,466
— 34,833 146,566 181,399
1,663,007 3,861,062 3,956,626 9,480,695
932,452 7,667,909 2,237,045 10,837,406
730,555 (3,806,847) 1,719,581 (1,356,711)
750,000 3,790,000 — 4,540,000
(540,000) (540,000)
750,000 3,790,000 (540,000) 4,000,000
1,480,555 (16,847) 1,179,581 2,643,289
3,471,228 24,967 2,025,780 5,521,975
4,951,783 8,120 3,205,361 8,165,264
165 178
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Capital Improvement - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Revenues
Taxes
Other Taxes
Home Rules Sales Tax
Intergovernmental
Interest
Total Revenues
Expenditures
Capital Outlay
Equipment
Building Improvements
Infrastructure
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources
Transfers In
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final
S 1,325,000
1,325,000
500,000
200,000
15,000
15,000
Actual
1,662,117
:'1
1,840,000 1,540,000 1,663,007
323,897
243,271
164,252
908,000
483,875
269,067
1,574,340
1,743,094
499,133
2,806,237
2,470,240
932,452
(966,237) (930,240)
750,000 750,000
(216,237) (180,240)
730,555
750,000
1,480,555
3,471,228
4,951,783
166 179
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Capital Improvement - Capital Projects Fund
Schedule of Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Capital Outlay
Equipment
Finance Department Software
Field Cameras
Public Safety Drone
Mobile Video Rec Sys
Medical Equipment
Village Warning Sirens
Other Equipment
Total Equipment
Building Improvements
Public Works Facility Improvements
HVAC Replacements
Parking Lot Improvements
Village Hall Facility Improvements
Intersection improvements
Fire Station Improvements
Other Public Building Improvements
Total Building Improvements
Infrastructure
Residential Street Lights
Residential Street Light Improvements
Corridor Street Lights
Facade Program
Kensington Road Bike Path
Brick Sidewalks
Bridge Rehab
Pedestrian Bridge
Central Road Pedestrian Crossing
Total Infrastructure
Budget
Original Final Actual
$ 46,897
46,897
48,000
40,000
40,000
-
-
12,600
12,016
-
26,774
26,774
42,000
42,000
40,970
120,000
8,972
8,972
75,000
75,000
36,492
323,897 243,271 164,252
375,000
153,747
153,746
140,000
115,000
-
70,000
70,000
67,804
93,000
100,000
50,123
-
21,156
6,956
130,000
8,972
8,972
100,000
115,000
31,589
908,000 483,875 269,067
134,340
134,340
18,017
225,000
133,299
132,860
-
293,893
-
100,000
100,000
50,123
200,000
200,000
1,495
125,000
125,000
112,363
50,000
50,000
49,257
300,000
370,501
72,108
440,000
336,061
62,910
1,574,340 1,743,094 499,133
Total Expenditures 2,806,237 2,470,240 932,452
167
180
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Flood Control Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Revenues
Taxes
Other Taxes
Home Rule Sales Tax
Intergovernmental
Interest
Miscellaneous
Fees
Reimbursements
Total Revenues
Expenditures
Capital Outlay
Public Improvements
Infrastructure
Other
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources
Transfers In
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
S 441,000
441,000
978,117
6,400,000
4,250,000
2,848,071
8,000
8,000
41
28,000
28,000
9,833
45,000
45,000
25,000
6,922,000
4,772,000
3,861,062
9,697,500
9,673,226
7,619,721
59,570
62,570
48,188
9,757,070
9,735,796
7,667,909
(2,835,070) (4,963,796) (3,806,847)
2,790,000 3,790,000 3,790,000
(45,070) (1,173,796) (16,847)
24,967
8,120
168 181
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Flood Control Construction - Capital Projects Fund
Schedule of Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Budget
Original Final Actual
Capital Outlay
59,570
62,570
48,188
Public Improvements
9,757,070
9,735,796
7,667,909
Infrastructure
Levee Repairs
$ 40,800
37,800
8,471
Culvert and Ditch
30,600
30,600
—
Levee Supplies
5,100
5,100
3,640
Creek Bank Stabilization
175,500
152,500
176
Creek Tree Trimming
25,500
25,500
24,251
Private Property Drainage
120,000
144,500
131,670
Levee 37
9,300,000
9,277,226
7,451,513
Total Infrastructure
9,697,500
9,673,226
7,619,721
Other
Electricity
3,570
3,570
—
Residential Reimbursements
5,000
5,000
—
Contractual Services
51,000
54,000
48,188
Total Other
59,570
62,570
48,188
Total Expenditures
9,757,070
9,735,796
7,667,909
169 182
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Street Improvement Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Revenues
Taxes
Other Taxes
Home Rule Sales Tax
Municipal Motor Fuel Tax
Licenses, Permits and Fees
Interest
Miscellaneous
Reimbursements
Other
Total Revenues
Expenditures
Capital Outlay
Contractual Services
Infrastructure
Street Resurfacing
Other Expenditures
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing (Uses)
Transfers Out
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final
1,325,000
650,000
1,500,000
10,000
1,325,000
650,000
1,500,000
10,000
Actual
1,662,117
696,357
1,451,051
535
5,000
5,000 —
877,000
140,000 146,566
4,367,000
3,630,000 3,956,626
40,000
3,707,000
80,000
40,000
3,804,958
32,927
19,858
2,184,260
32,927
3,827,000 3,877,885 2,237,045
540,000 (247,885) 1,719,581
(540,000) (540,000) (540,000)
(787,885) 1,179,581
2,025,780
3,205,361
170 183
PROPRIETARY FUNDS
171 184
ENTERPRISE FUNDS
The Enterprise Funds are used to account for operations that are financed and operated in a manner similar to
private business enterprises where the intent is that costs of providing goods or services to the general public on
a continuing basis be financed or recovered primarily through user charges; or where it has been decided that
periodic determination of revenues earned, expenses incurred and/or net income is appropriate for capital
maintenance, public policy, management control, accountability or other purpose.
Water and Sewer Fund: The Water and Sewer Fund is a major fund and is used to account for the activities of
the water and sewer operations. The Village operates sewerage lift and relief stations and waste water collection
systems and the water distribution system.
Parking System Revenue Fund: The Parking System Revenue Fund is a nonmajor fund and is used to account
for the provision of public parking services with fees shared with the commuter railroad. All activities are
accounted for including administration, operations, maintenance and collection.
Village Parking System Fund: The Village Parking System Fund is a nonmajor fund and is used to account
for the provision of Village -owned public parking services including the Village Hall parking deck and leased
commuter spaces. All activities are accounted for including administration, operations, maintenance, financing,
related debt service and billing and collection.
172 185
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Operating Revenues
Charges for Services
Operating Expenses
Administration and Maintenance
Operating (Loss)
Nonoperating Revenues (Expenses)
Interest Income
Other Income
Principal Payment
Property Taxes
Disposal of Capital Assets
Interest Expense
Change in Net Position - Budgetary Basis
Adjustments to GAAP Basis
Depreciation
Amortization of Asset Retirement Obligation
Capital Assets Capitalized
Total Adjustments to GAAP Basis
Change in Net Position - GAAP Basis
Net Position - Beginning as Restated
Net Position - Ending
Budget
Original Final Actual
$ 17,115,645 17,115,645 17,735,543
20,574,524 19,569,873 17,984,013
(3,458,879) (2,454,228) (248,470)
101,100
101,100
(19,159)
45,000
45,000
47,230
(525,000)
(525,000)
—
(31,127)
(14,555)
(664,181)
(664,181)
(661,718)
(1,043,081)
(1,043,081)
(679,329)
(4,501,960) (3,497,309) (927,799)
(804,017)
(7,500)
2 onn 2 1 Q
3,092,801
2,165,002
42,982,296
45,147,298
173 186
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Charges for Services
Water Sales
Sewer Fees
Sewer Construction Charge
Water Penalties
Water Meter Fees
Water and Sewer Taps
Sewer Penalties
Budget
Original Final Actual
$ 13,682,845
13,682,845
14,071,601
3,304,800
3,304,800
3,486,555
(46)
80,000
80,000
105,380
27,000
27,000
39,960
1,000
1,000
6,075
20,000
20,000
26,018
Total Operating Revenues 17,115,645 17,115,645 17,735,543
174
187
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Administration and Maintenance
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Insurance
Commodities and Supplies
Capital Expenses
Total Administration and Support
Maintenance of Buildings
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Total Maintenance of Buildings
Maintenance of Grounds
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Maintenance of Grounds
Water Supply Maintenance and Repair
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Distribution System
Total Water Supply Maintenance and Repair
Budget
Original Final Actual
$ 512,829
512,829
512,517
277,542
277,542
40,003
45,347
45,347
48,125
290,534
290,534
303,992
8,700
8,700
10,894
178,102
178,102
178,102
15,081
15,081
3,126
1,500
1,500
-
1,329,635 1,329,635 1,096,759
185,020
185,020
180,963
77,617
77,617
83,500
16,000
16,000
4,965
6,756
6,756
6,365
1,688
1,688
1,676
287,081 287,081 277,469
54,037
54,037
35,600
15,000
15,000
13,565
53,690
53,690
48,727
6,659
6,659
5,336
129,386 129,386 103,228
376,029
376,029
355,684
145,646
145,646
164,371
123,973
123,973
104,205
81,600
81,600
85,428
69,523
69,523
59,949
50,000
50,000
39,530
846,771 846,771 809,167
175 188
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
Administration and Maintenance - Continued
Water Distribution Maintenance and Repair
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Distribution System
Capital Expenses
Total Water Distribution Maintenance and Repair
Water Valve and Hydrant Maintenance
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Water Valve and Hydrant Maintenance
Water Meter Installation, Repair and Replacement
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Capital Expenses
Total Water Meter Installation, Repair and Replacement
Equipment Maintenance
Contractual Services
Sanitary Sewer Maintenance and Repair
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Total Sanitary Sewer Maintenance and Repair
Budget
Original Final Actual
$ 608,516
608,516
560,071
213,153
213,153
217,377
261,167
273,167
235,886
83,726
83,726
19,332
20,000
8,000
5,293
1,103
1,103
954
1,187,665 1,187,665 1,038,913
218,840
218,840
206,405
68,731
68,731
65,214
60,838
60,838
60,838
103,429
103,429
102,293
451,838 451,838 434,750
55,968
55,968
46,201
16,675
16,675
15,207
135,247
135,247
120,929
3,504
3,504
3,282
66,300
66,300
68,472
277,694 277,694 254,091
1,017,144 1,017,144 1,017,144
389,352
389,352
366,932
154,717
154,717
149,164
212,493
212,493
147,847
24,895
24,895
9,699
26,553
26,553
24,810
808,010 808,010 698,452
176 189
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2021
Administration and Maintenance - Continued
Water System Improvements
Capital Expenses
Sanitary System Improvements
Capital Expenses
Storm Sewer Improvements
Capital Expenses
Improvements to Public Buildings
Capital Expenses
Lake Michigan Water Acquisition
Contractual Services
Capital Expenses
Total Lake Michigan Water Acquisition
Total Operating Expenses
Budget
Original Final Actual
$ 4,225,000 3,025,839 106,476
1,980,000 1,938,731 1,002,607
800,000 800,000
235,779 995
7,234,300 7,234,300 7,239,644
3,904,318
7,234,300 7,234,300 11,143,962
20,574,524 19,569,873 17,984,013
177 190
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Enterprise Funds
Combining Statement of Net Position
December 31, 2021
ASSETS
Current Assets
Cash and Investments
Receivables - Net of Allowances
Other
Total Current Assets
Noncurrent Assets
Capital Assets
Depreciable
Accumulated Depreciation
Total Noncurrent Assets
Total Assets
LIABILITIES
Current Liabilities
Accounts Payable
Accrued Payroll
Other Payables
Compensated Absences Payable
Total Current Liabilities
Noncurrent Liabilities
Compensated Absences Payable
Total Liabilities
NET POSITION
Parking System Village Parking
Revenue System Totals
$ 106,093
221,019
49
327,112
49
106,093 221,068 327,161
364,800 — 364,800
(364,800) — (364,800)
106,093 221,068 327,161
7,420
2,329
9,749
768
768
1,536
680
180
860
447
447
894
9,315 3,724 13,039
1,788 1,788 3,576
11,103 5,512 16,615
Unrestricted 94,990 215,556 310,546
178
191
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Enterprise Funds
Combining Statement of Revenues, Expenses and Changes in Net Position
For the Fiscal Year Ended December 31, 2021
Operating Revenues
Charges for Services
Parking Fees
Rental Fees
Convenience Fees
Total Operating Revenues
Operating Expenses
Administration, Maintenance and Improvements
Operating (Loss)
Nonoperating Revenues
Interest Income
Other Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Parking System Village Parking
Revenue System Totals
$ 44,419 8,272
52,691
— 2,500
2,500
965 133
1,098
45,384 10,905
56,289
179
85,193 91,632 176,825
(39,809) (80,727) (120,536)
37 69 106
— 139 139
37 208 245
(39,772) (80,519) (120,291)
134,762 296,075 430,837
94,990 215,556 310,546
192
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Enterprise Funds
Combining Statement of Cash Flows
For the Fiscal Year Ended December 31, 2021
Cash Flows from Operating Activities
Receipts from Customers and Users
Payments to Suppliers
Payments to Employees
Cash Flows from Investing Activities
Interest Received
Net Change in Cash and Cash Equivalents
Cash and Cash Equivalents - Beginning
Cash and Cash Equivalents - Ending
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities
Operating (Loss)
Adjustments to Reconcile Operating Income
Income to Net Cash Provided by
(Used in) Operating Activities:
Other Income (Expense)
(Increase) Decrease in Current Assets
Increase (Decrease) in Current Liabilities
Net Cash Provided by Operating Activities
180
Parking System Village Parking
Revenue System Totals
$ 45,384
10,873
56,257
(63,247)
(76,592)
(139,839)
(18,025)
(18,025)
(36,050)
(35,888)
(83,744)
(119,632)
37 69 106
(35,851) (83,675) (119,526)
141,944 304,694 446,638
106,093 221,019 327,112
(39,809) (80,727) (120,536)
139 139
— (32) (32)
3,921 (3,124) 797
(35,888) (83,744) (119,632)
193
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Parking System Revenue - Enterprise Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Operating Revenues
Charges for Services
Parking Fees
Convenience Fees
Total Operating Revenues
Operating Expenses
Administration, Maintenance and Improvements
Operating (Loss)
Nonoperating Revenues
Interest Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Budget
Original Final Actual
$ 157,500
1,116
157,500
1,116
44,419
965
158,616
158,616
45,384
171,913
171,913
85,193
(13,297) (13,297) (39,809)
1,585 1,585 37
(11,712) (11,712) (39,772)
94,990
181 194
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Parking System Revenue - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Administration, Maintenance and Improvements
Personal Services
Employee Benefits
Contractual Services
Utilities
Insurance
Commodities and Supplies
Budget
Original Final Actual
$ 18,535
18,535
18,025
7,459
7,459
6,726
124,575
124,575
50,342
9,998
9,998
2,073
335
335
335
11,011
11,011
7,692
Total Operating Expenses 171,913 171,913 85,193
182
195
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Village Parking System - Enterprise Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Operating Revenues
Charges for Services
Parking Fees
Rental Fees
Convenience Fees
Total Operating Revenues
Operating Expenses
Administration, Maintenance and Improvements
Operating Income (Loss)
Nonoperating Revenues
Other Income
Interest Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Budget
Original Final Actual
$ 162,000
162,000
8,272
6,600
6,600
2,500
2,372
2,372
133
170,972
170,972
10,905
134,737 146,737 91,632
36,235 24,235 (80,727)
139
3,753 3,753 69
3,753 3,753 208
39,988 27,988 (80,519)
215,556
183 196
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Village Parking System - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Administration, Maintenance and Improvements
Personal Services
Employee Benefits
Contractual Services
Insurance
Commodities and Supplies
Capital Expenses
Budget
Original Final Actual
$ 18,568
18,568
18,025
7,510
7,510
6,726
57,759
57,759
26,334
326
326
326
574
574
574
50,000
62,000
39,647
Total Operating Expenses 134,737 146,737 91,632
184
197
INTERNAL SERVICE FUNDS
Internal Service Funds are used to account for the financing of goods or services provided by one department or
agency to other departments or agencies other governmental unit, or to other governmental units, on a cost -
reimbursement basis.
Computer Replacement Fund: The Computer Replacement Fund is used to account for the acquisition of
Village computer hardware. Financing is being provided by charges to various Village funds.
Risk Management Fund: The Risk Management Fund is used to account for the servicing and payment of
claims for liability, property, casualty coverage, workers' compensation and medical benefits. Financing is
being provided by charges in the various Village funds.
Vehicle Replacement Fund: The Vehicle Replacement Fund is used to account for the acquisition and
depreciation of Village vehicles. Financing is being provided by charges to the General, and Water and Sewer
Funds.
Vehicle Maintenance Fund: The Vehicle Maintenance Fund is used to account for the maintenance and repair
of all Village vehicles. Financing is being provided by charges to various Village funds.
185 198
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Internal Service Funds
Combining Statement of Net Position
December 31, 2021
See Following Page
186 199
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Internal Service Funds
Combining Statement of Net Position
December 31, 2021
ASSETS
Current Assets
Cash and Investments
Receivables - Net of Allowances - Accounts
Accrued Interest
Other
Due from Other Governments
Deposits - Insurance
Inventories
Prepaids
Total Current Assets
Noncurrent Assets
Capital Assets
Nondepreciable
Depreciable
Accumulated Depreciation
Other Assets
Deposits - Insurance
Total Noncurrent Assets
Total Assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred Items - RBP
Total Assets and Deferred Outflows of Resources
LIABILITIES
Current Liabilities
Accounts Payable
Accrued Payroll
Due to Other Governments
Claims Payable
Other Payables
Compensated Absences Payable
Total Current Liabilities
Noncurrent Liabilities
Compensated Absences Payable
Claims Payable
Total OPEB Liability - RBP
Total Noncurrent Liabilities
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Deferred Items - RBP
Total Liabilities and Deferred Inflows of Resources
NET POSITION
Investment in Capital Assets
Unrestricted
Total Net Position
Computer
Replacement
$ 319,037
319,037
150,000
169,532
(74,767)
244,765
244,765
563,802
563,802
244,765
319,037
563,802
187 200
Risk Vehicle Vehicle
Management Replacement Maintenance Totals
473,194 11,882,768 1,333,930 14,008,929
- 11,401
-
11,401
9,534 14,513
-
24,047
- -
9,493
9,493
3,579,477 -
-
3,579,477
- -
355,169
355,169
73,045 -
16,038
89,083
4,135,250 11,908,682
1,714,630
18,077,599
- 1,610,969
- 1,760,969
- 15,569,712
92,062 15,831,306
- (9,540,212)
(92,062) (9,707,041)
- 7,640,469
- 7,885,234
1,249,584 -
- 1,249,584
1,249,584 7,640,469
- 9,134,818
5,384,834 19,549,151
1,714,630 27,212,417
- - 111,425 111,425
5,384,834 19,549,151 1,826,055 27,323,842
86,123 47,354 68,576 202,053
- - 36,135 36,135
519 - - 519
281,227 - - 281,227
111,588 - - 111,588
- - 13,858 13,858
479,457 47,354 118,569 645,380
- - 55,430 55,430
268,282 - - 268,282
- - 474,267 474,267
268,282 - 529,697 797,979
747,739 47,354 648,266 1,443,359
- - 127,879 127,879
747,739 47,354 776,145 1,571,238
- 7,640,469 - 7,885,234
4,637,095 11,861,328 1,049,910 17,867,370
4,637,095 19,501,797 1,049,910 25,752,604
188 201
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Internal Service Funds
Combining Statement of Revenues, Expenses and Changes in Net Position
For the Fiscal Year Ended December 31, 2021
Computer
Replacement
Operating Revenues
Charges for Services $ 178,400
Contributions —
Miscellaneous —
Total Operating Revenues 178,400
Operating Expenses
Administration and Maintenance 152,264
Insurance and Claims —
Depreciation 13,078
Total Operating Expenses 165,342
Operating Income 13,058
Nonoperating Revenues (Expenses)
Disposal of Capital Assets —
Interest Income 52
52
Change in Net Position
Net Position - Beginning
Net Position - Ending
13,110
550,692
563,802
189 202
Risk
Vehicle
Vehicle
Management Replacement Maintenance Totals
7,791,936
1,724,782
1,000,558
2,035,158
2,357,844
12,363,338
1,724,782
1,000,558
10,517,276 2,035,158 2,357,844 15,088,678
360,096 2,159 2,016,639
9,245,384
2,531,158
9,245,384
— 1,109,297 — 1,122,375
9,605,480 1,111,456 2,016,639 12,898,917
911,796 923,702 341,205 2,189,761
— 20,996
6,081
27,077
154 (83,454)
140
(83,108)
154 (62,458)
6,221
(56,031)
911,950
861,244
347,426
2,133,730
3,725,145 18,640,553 702,484 23,618,874
4,637,095 19,501,797 1,049,910 25,752,604
190 203
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Internal Service Funds
Combining Statement of Cash Flows
For the Fiscal Year Ended December 31, 2021
Computer
Replacement
Cash Flows from Operating Activities
Receipts from Customers and Users $ —
Interfund Services Provided 178,400
Payments to Suppliers (156,593)
Payments to Employees —
21,807
Cash Flows from Capital and Related Financing Activities
Disposal of Capital Assets
Purchase of Capital Assets
Cash Flows from Investing Activities
Interest Received
Net Change in Cash and Cash Equivalents
Cash and Cash Equivalents - Beginning
Cash and Cash Equivalents - Ending
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities
Operating Income
Adjustments to Reconcile Operating Income
to Net Cash Provided by (Used in)
Operating Activities
Depreciation
(increase) Decrease in Current Assets
Increase (Decrease) in Current Liabilities
Net Cash Provided by Operating Activities
(100,988)
(100,988
52
(79,129)
398,166
319,037
13,058
13,078
(4,329)
21,807
191 204
Risk
Vehicle
Vehicle
Management Replacement Maintenance Totals
3,766,899
5,840,633
(9,857,645)
2,009,244
(33,918)
2,374,736
(1,108,333)
3,766,899
10,403,013
(11,156,489)
(961,519) (961,519)
(250,113) 1,975,326 304,884 2,051,904
66,850
M.U.
72,931
(1,715,002) — (1,815,990)
(1,648,152) 6,081 (1,743,059)
154 (83,454) 140 (83,108)
(249,959)
243,720
311,105
225,737
723,153 11,639,048 1,022,825 13,783,192
473,194 11,882,768 1,333,930 14,008,929
911,796 923,702 341,205 2,189,761
1,109,297 — 1,122,375
(909,744) (25,914) 16,892 (918,766)
(252,165) (31,759) (53,213) (341,466)
(250,113) 1,975,326 304,884 2,051,904
192 205
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Computer Replacement - Internal Service Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Operating Revenues
Charges for Services
Water and Sewer Fund
General Fund
Total Operating Revenues
Operating Expenses
Administration
Capital Outlay
Depreciation
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues
Interest Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Budget
Original Final Actual
$ 8,920
169,480
8,920
169,480
8,920
169,480
178,400
178,400
178,400
238,400 338,400 152,264
13,078
238,400 338,400 165,342
(60,000) (160,000)
1,000 1,000
(59,000) (159,000)
13,058
52
13,110
550,692
563,802
193 206
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Computer Replacement - Internal Service Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Administration
Capital Outlay
Depreciation
Budget
Original Final Actual
$ 238,400 338,400 152,264
— — 13,078
Total Operating Expenses 238,400 338,400 165,342
194
207
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Risk Management - Internal Service Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Budget
Original Final Actual
Operating Revenues
Charges for Services
$ 7,755,619
7,755,619
7,791,936
Contributions
1,754,000
1,754,000
1,724,782
Miscellaneous
30,000
30,000
1,000,558
Total Operating Revenues
9,539,619
9,539,619
10,517,276
Operating Expenses
Administration
400,000
400,000
360,096
Insurance and Claims
9,214,300
9,361,950
9,245,384
Total Operating Expenses
9,614,300
9,761,950
9,605,480
Operating Income (Loss)
(74,681)
(222,331)
911,796
Nonoperating Revenues
Interest Income
3,000
3,000
154
Change in Net Position
(71,681)
(219,331)
911,950
Net Position - Beginning
3,725,145
Net Position - Ending
4,637,095
195 208
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Risk Management - Internal Service Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Charges for Services
General Fund
Refuse Disposal Fund
Water and Sewer Fund
Parking System Revenue Fund
Village Parking System Fund
Vehicle Maintenance Fund
Library
Total Charges for Services
Contributions
Employee
Health Insurance
Dental Insurance
Additional Life Insurance
Vision Insurance
Retiree
Health Insurance
Dental Insurance
Vision Insurance
Total Contributions
Miscellaneous
Other Reimbursements
Miscellaneous Income
Total Miscellaneous
Budget
Original Final Actual
$ 6,443,222
6,443,222
6,462,980
16,932
16,932
16,932
251,102
251,102
251,102
535
535
535
526
526
526
18,302
18,302
18,302
1,025,000
1,025,000
1,041,559
7,755,619
7,755,619
7,791,936
654,000
654,000
677,928
140,000
140,000
128,004
25,000
25,000
24,711
15,425
900,000
900,000
846,251
35,000
35,000
32,096
—
—
367
1,754,000
1,754,000
1,724,782
30,000
30,000
999,737
821
30,000
30,000
1,000,558
Total Operating Revenues 9,539,619 9,539,619 10,517,276
196
209
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Risk Management - Internal Service Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Administration
Casualty and Property Program
Other Contractual Services
Medical Program
Claims Administration
Total Administration
Insurance and Claims
Casualty and Property Program
Liability Insurance
Otherinsurance
Property Claims
Liability Claims
Workers' Compensation Claims
Unemployment Compensation Claims
Tree Hazard Study
Other Claims
Total Casualty and Property Program
Medical Program
Medical Expense - HMO Plan
Medical Expense - Indemnity Plan
Medical Expense - Dental
Medical Expense - Vision
Health and Wellness Supplies
Life Insurance
Total Medical Program
Budget
Original Final Actual
$ 30,000 30,000 6,900
370,000 370,000 353,196
400,000 400,000 360,096
600,000
600,000
884,127
25,000
25,000
26,822
100,000
100,000
-
150,000
150,000
94,745
400,000
400,000
240,397
10,000
10,000
-
10,000
10,000
9,990
10,000
10,000
37,683
1,305,000
1,305,000
1,293,764
1,300,000
1,300,000
1,227,622
6,210,000
6,340,000
6,339,214
300,000
300,000
298,681
-
17,650
17,650
50,000
50,000
5,702
49,300
49,300
62,751
7,909,300
8,056,950
7,951,620
Total Insurance and Claims
9,214,300
9,361,950
9,245,384
Total Operating Expenses
9,614,300
9,761,950
9,605,480
197 210
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Replacement - Internal Service Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Operating Revenues
Charges for Services
Operating Expenses
Administration
Depreciation
Total Operating Expenses
Operating Income
Nonoperating Revenues (Expenses)
Disposal of Capital Assets
Interest Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Budget
Original Final Actual
$ 2,034,860 2,034,860 2,035,158
2,159
1,109,297
1,111,456
2,034,860 2,034,860 923,702
20,996
85,000 85,000 (83,454)
85,000 85,000 (62,458)
2,119,860 2,119,860 861,244
18,640,553
19,501,797
198 211
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Replacement - Internal Service Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Charges for Services
General Fund
Manager's Office
Community Development - Planning
Community Development - Building
Community Development - Housing
Community Development - Health
Police Department
Fire Department
Public Works Department
Engineering Division
Water and Sewer Fund
Other Fees
Budget
Original Final Actual
$ 4,230
4,230
4,230
1,500
1,500
1,500
4,300
4,300
4,300
8,180
8,180
8,180
1,500
1,500
1,500
358,880
358,880
358,880
646,340
646,340
646,340
544,060
544,060
544,060
13,430
13,430
13,430
452,440
452,440
452,440
298
Total Operating Revenues 2,034,860 2,034,860 2,035,158
199
212
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Replacement - Internal Service Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Administration
Capital Outlay
Police Vehicles
Fire Vehicles
Public Works
Village Administration Vehicles
Total Capital Outlay
Less Capital Assets Capitalized
Total Administration
Depreciation
Total Operating Expenses
200
Budget
Original Final Actual
$ 145,000 119,671 118,658
1,005,000 983,756 983,756
342,000 599,119 574,978
— 15,000 —
1,492,000 1,717,546 1,677,392
(1,492,000) (1,717,546) (1,675,233)
2,159
1,109,297
1,111,456
213
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Maintenance - Internal Service Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Operating Revenues
Charges for Services
Operating Expenses
Administration and Maintenance
Operating Income
Nonoperating Revenues
Disposal of Capital Assets
Interest Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Budget
Original Final Actual
$ 2,357,844 2,357,844 2,357,844
2,305,315 2,305,315 2,016,639
52,529 52,529 341,205
6,081
1,315 1,315 140
1,315 1,315 6,221
53,844 53,844 347,426
702,484
1,049,910
201 214
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Maintenance - Internal Service Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Charges for Services
General Fund
Manager's Office
Television Services Division
Community Development - Planning
Community Development - Building
Community Development - Housing
Community Development - Health
Police Department
Fire Department
Public Works Department
Engineering Division
Human Service Charges
Water and Sewer Fund
Budget
Original Final Actual
$ 3,537
3,537
3,537
3,773
3,773
3,773
3,537
3,537
3,537
4,951
4,951
4,951
24,757
24,757
24,757
3,537
3,537
3,537
600,543
600,543
600,543
372,775
372,775
372,775
733,760
733,760
733,760
38,433
38,433
38,433
3,537
3,537
3,537
564,704
564,704
564,704
Total Operating Revenues 2,357,844 2,357,844 2,357,844
202
215
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Maintenance - Internal Service Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2021
Administration and Maintenance
Vehicle Division Administration
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office Equipment
Insurance
Total Vehicle Division Administration
Vehicle Maintenance Program
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Other Equipment
Total Vehicle Maintenance Program
Budget
Original Final Actual
$ 128,959
128,959
91,293
62,855
62,855
8,235
7,250
7,250
3,772
23,699
36,750
36,445
4,500
4,500
3,261
2,406
6,515
1,806
626
626
-
11,202
11,202
11,202
241,497
258,657
156,014
990,749
990,749
827,907
365,352
365,352
356,739
101,478
101,478
71,936
603,855
587,695
603,174
2,384
1,384
869
2,063,818 2,046,658 1,860,625
Total Operating Expenses 2,305,315 2,305,315 2,016,639
203
216
PENSION TRUST FUNDS
Police Pension Fund: The Police Pension Fund is used to account for the resources necessary to provide
retirement and disability benefits to personnel of the Mount Prospect Police Department. Revenues are
provided by the following: Village contributions (made possible by a property tax levy), employee
withholdings and investment income.
Firefighters' Pension Fund: The Firefighters' Pension Fund is used to account for the resources necessary to
provide retirement and disability benefits to personnel of the Mount Prospect Fire Department.
Revenues are provided by the following: Village contributions (made possible by a property tax levy),
employee withholdings and investment income.
204 217
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Pension Trust Funds
Combining Statement of Fiduciary Net Position
December 31, 2021
ASSETS
Cash and Cash Equivalents
Investments
U.S. Government Obligations
U.S. Agency Obligations
State and Local Obligations
Corporate Bonds
Real Estate
Mutual Funds
Receivables - Net of Allowance
Accrued Interest
Due from Other Funds
Prepaids
Total Assets
LIABILITIES
Accounts Payable
NET POSITION
Net Position Restricted for Pensions
Police Firefighters'
Pension Pension Totals
$ 3,373,305
4,712,777
8,086,082
3,921,780
8,034,942
11,956,722
15,444,450
10,176,391
25,620,841
4,886,907
416,890
5,303,797
6,236,889
10,318,952
16,555,841
—
7,920,247
7,920,247
62,510,528
43,346,493
105,857,021
123,665
133,639
257,304
20,634
18,457
39,091
795
2,334
3,129
96,518,953
44,621
85,081,122 181,600,075
63,894 108,515
96,474,332 85,017,228 181,491,560
205 218
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Pension Trust Funds
Combining Statement of Changes in Fiduciary Net Position
For the Fiscal Year Ended December 31, 2021
Additions
Contributions - Employer
Contributions - Plan Members
Total Contributions
Investment Earnings
Interest Earned
Net Change in Fair Value
Less Investment Expenses
Net Investment Income
Total Additions
Deductions
Administration
Benefits and Refunds
Total Deductions
Change in Fiduciary Net Position
Net Position Restricted for Pensions
Beginning
Ending
206
Police Firefighters'
Pension Pension Totals
$ 3,977,102 3,651,864 7,628,966
887,126 782,338 1,669,464
4,864,228 4,434,202 9,298,430
36 913 949
11,420,305 7,136,408 18,556,713
11,420,341 7,137,321 18,557,662
(139,742) (115,493) (255,235)
11,280,599 7,021,828 18,302,427
16,144,827 11,456,030 27,600,857
60,168 109,735 169,903
6,518,558 6,788,536 13,307,094
6,578,726 6,898,271 13,476,997
9,566,101 4,557,759 14,123, 860
86,908,231 80,459,469 167,367,700
96,474,332 85,017,228 181,491,560
219
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Consolidated Year -End Financial Report
December 31, 2021
CSFA # Program Name State Federal Other Total
420-00-1992 Purchase and Installation of a Back-up
Generator for a Levee $ 14,160
494-00-1488 Motor Fuel Tax 1,446,295
494-00-2356 Rebuild Illinois Local Bond Program 1,189,939
Other Grant Programs and Activities —
All Other Costs Not Allocated —
804,266 3,089,566
— 74,971,591
14,160
1,446,295
1,189,939
3,893,832
74,971,591
2,650,394 804,266 78,061,157 81,515,817
207 220
SUPPLEMENTAL SCHEDULES
208 221
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Schedule of General Long -Term Debt
Long -Term Debt Payable by Governmental Funds
December 31, 2021
See Following Page
209 222
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Schedule of General Long -Term Debt
Long -Term Debt Payable by Governmental Funds
December 31, 2021
General
General
General
General
General
General
General
Obligation
Obligation
Obligation
Obligation
Obligation
Obligation
Obligation
Bonds of
Bonds of
Bonds of
Bonds of
Bonds of
Bonds of
Bonds of
2012
2013
2014
2016
2016A
2017
2018A
AMOUNTS TO BE PROVIDED FOR THE
RETIREMENT OF GENERAL LONG-
TERM DEBT $ 885,000 8,675,000 2,390,000 1,550,000 8,860,000 4,675,000 6,880,000
GENERAL LONG-TERM DEBT PAYABLE
General Obligation Bonds Payable $ 885,000 8,675,000 2,390,000 1,550,000 8,860,000 4,675,000 6,880,000
Business District Limited Tax Note Payable
Compensated Absences Payable
Net Pension Liability - Police Pension
Net Pension Liability - Firefighters' Pension
Total OPEB Liability - RBP
Unamortized Bond Premium —
Totals 885,000 8,675,000 2,390,000 1,550,000 8,860,000 4,675,000 6,880,000
210 223
General
General
Business
Net
Net
Obligation
Obligation
District
Pension
Pension Total Unamortized
Bonds of
Bonds of
Limited Tax Compensated
Liability
Liability OPEB Bond
2018B
2019B
Note Absences
Police
Firefighters Liability Premiums Totals
37,225,000 7,725,000 36,730,522 4,127,686 45,236,365 40,010,412 13,202,443 2,418,168 217,912,281
37,225,000 7,725,000 78,865,000
— — 36,730,522 — — — — — 36,730,522
— 4,127,686 — — — — 4,127,686
— 45,236,365 — — — 45,236,365
— 40,010,412 — — 40,010,412
— 13,202,443 — 13,202,443
2,418,168 2,418,168
37,225,000 7,725,000 36,730,522 4,127,686 45,236,365 40,010,412 13,202,443 2,418,168 220,590,596
211 224
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2012
December 31, 2021
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rate
Interest Dates
Principal Maturity Date
Payable at
January 3, 2012
December 1, 2022
$2,975,000
$5,000
3.10%
June 1 and December 1
December 1
JP Morgan Chase
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.l Amount Dec.I Amount
2022 $ 885,000 27,436 912,436
2022 13,718 2022 13,718
212 225
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2013
December 31, 2021
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
September 10, 2013
December 1, 2033
$9,800,000
$5,000
3.000% to 4.125%
June 1 and December 1
December 1
The Bank of New York Mellon Trust Company
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.I Amount Dec.I Amount
2022
$ 585,000
336,206
921,206
2022
168,103
2022
168,103
2023
605,000
318,656
923,656
2023
159,328
2023
159,328
2024
625,000
300,506
925,506
2024
150,253
2024
150,253
2025
650,000
275,506
925,506
2025
137,753
2025
137,753
2026
675,000
249,506
924,506
2026
124,753
2026
124,753
2027
700,000
222,506
922,506
2027
111,253
2027
111,253
2028
730,000
194,506
924,506
2028
97,253
2028
97,253
2029
760,000
165,307
925,307
2029
82,653
2029
82,654
2030
790,000
134,907
924,907
2030
67,453
2030
67,454
2031
820,000
103,307
923,307
2031
51,653
2031
51,654
2032
850,000
70,507
920,507
2032
35,253
2032
35,254
2033
885,000
36,507
921,507
2033
18,253
2033
18,254
8,675,000 2,407,927 11,082,927
1,203,961 1,203,966
213 226
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2014
December 31, 2021
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rate
Interest Dates
Principal Maturity Date
Payable at
February 4, 2014
December 1, 2023
$6,290,000
$5,000
3.00%
June 1 and December 1
December 1
The Bank of New York Mellon Trust Company
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.l Amount Dec.I Amount
2022 $ 1,125,000 71,700 1,196,700 2022 35,850 2022 35,850
2023 1,265,000 37,950 1,302,950 2023 18,975 2023 18,975
2,390,000 109,650 2,499,650
54,825 54,825
214 227
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Refunding Bonds of 2016
December 31, 2021
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
September 8, 2016
December 1, 2022
$8,735,000
$5,000
2.00% to 3.00%
June 1 and December I
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.I Amount Dec.I Amount
2022 $ 1,550,000 31,000 1,581,000
2022 15,500 2022 15,500
215 228
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Refunding Bonds of 2016A
December 31, 2021
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rate
Interest Dates
Principal Maturity Date
Payable at
December 1, 2016
December 1, 2028
$9,100,000
$5,000
3.00%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.I Amount Dec.I Amount
2022
$ —
265,800
265,800
2022
132,900
2022
132,900
2023
515,000
265,800
780,800
2023
132,900
2023
132,900
2024
1,060,000
250,350
1,310,350
2024
125,175
2024
125,175
2025
1,740,000
218,550
1,958,550
2025
109,275
2025
109,275
2026
1,795,000
166,350
1,961,350
2026
83,175
2026
83,175
2027
1,845,000
112,500
1,957,500
2027
56,250
2027
56,250
2028
1,905,000
57,150
1,962,150
2028
28,575
2028
28,575
8,860,000 1,336,500 10,196,500
668,250 668,250
216 229
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2017
December 31, 2021
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
December 20, 2017
December 1, 2037
$9,740,000
$5,000
2.50% to 4.00%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.I Amount Dec.l Amount
2022 $
315,000
298,300
613,300
2022
149,150
2022
149,150
2023
345,000
285,700
630,700
2023
142,850
2023
142,850
2024
375,000
271,900
646,900
2024
135,950
2024
135,950
2025
405,000
256,900
661,900
2025
128,450
2025
128,450
2026
440,000
240,700
680,700
2026
120,350
2026
120,350
2027
465,000
227,500
692,500
2027
113,750
2027
113,750
2028
500,000
215,876
715,876
2028
107,938
2028
107,938
2029
530,000
202,750
732,750
2029
101,375
2029
101,375
2030
565,000
188,174
753,174
2030
94,087
2030
94,087
2031
600,000
171,932
771,932
2031
85,966
2031
85,966
2032
640,000
147,932
787,932
2032
73,966
2032
73,966
2033
690,000
122,332
812,332
2033
61,166
2033
61,166
2034
730,000
100,770
830,770
2034
50,385
2034
50,385
2035
775,000
77,956
852,956
2035
38,978
2035
38,978
2036
820,000
53,738
873,738
2036
26,869
2036
26,869
2037
865,000
28,112
893,112
2037
14,056
2037
14,056
9,060,000 2,890,572 11,950,572
4,675,000 Governmental Activities
4,385,000 Business -Type Activities
9,060,000
1,445,286 1,445,286
217 230
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2018A
December 31, 2021
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
May 1, 2018
December 1, 2037
$11,950,000
$5,000
3.25% to 5.00%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.l Amount Dec.l Amount
2022
$ 355,000
432,368
787,368
2022
216,184
2022
216,184
2023
385,000
414,618
799,618
2023
207,309
2023
207,309
2024
425,000
395,368
820,368
2024
197,684
2024
197,684
2025
470,000
374,118
844,118
2025
187,059
2025
187,059
2026
520,000
350,618
870,618
2026
175,309
2026
175,309
2027
565,000
324,618
889,618
2027
162,309
2027
162,309
2028
610,000
302,018
912,018
2028
151,009
2028
151,009
2029
655,000
277,618
932,618
2029
138,809
2029
138,809
2030
710,000
251,418
961,418
2030
125,709
2030
125,709
2031
765,000
223,018
988,018
2031
111,509
2031
111,509
2032
815,000
198,156
1,013,156
2032
99,078
2032
99,078
2033
870,000
171,668
1,041,668
2033
85,834
2033
85,834
2034
925,000
141,220
1,066,220
2034
70,610
2034
70,610
2035
985,000
108,844
1,093,844
2035
54,422
2035
54,422
2036
1,050,000
75,600
1,125,600
2036
37,800
2036
37,800
2037
1,110,000
38,850
1,148,850
2037
19,425
2037
19,425
11,215,000 4,080,118 15,295,118
6,880,000 Governmental Activities
4,335,000 Business -Type Activities
11,215,000
2,040,059 2,040,059
218 231
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2018B
December 31, 2021
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
October 16, 2018
December 1, 2043
$38,440,000
$5,000
3.625% to 5.000%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.I Amount Dec.I Amount
2022
$ -
1,568,750
1,568,750
2022
784,375
2022
784,375
2023
-
1,568,750
1,568,750
2023
784,375
2023
784,375
2024
770,000
1,568,750
2,338,750
2024
784,375
2024
784,375
2025
155,000
1,530,250
1,685,250
2025
765,125
2025
765,125
2026
160,000
1,522,500
1,682,500
2026
761,250
2026
761,250
2027
165,000
1,514,500
1,679,500
2027
757,250
2027
757,250
2028
175,000
1,506,250
1,681,250
2028
753,125
2028
753,125
2029
1,645,000
1,497,500
3,142,500
2029
748,750
2029
748,750
2030
1,820,000
1,415,250
3,235,250
2030
707,625
2030
707,625
2031
1,910,000
1,324,250
3,234,250
2031
662,125
2031
662,125
2032
2,005,000
1,228,750
3,233,750
2032
614,375
2032
614,375
2033
2,105,000
1,128,500
3,233,500
2033
564,250
2033
564,250
2034
2,210,000
1,023,250
3,233,250
2034
511,625
2034
511,625
2035
2,295,000
943,138
3,238,138
2035
471,569
2035
471,569
2036
2,380,000
857,075
3,237,075
2036
428,538
2036
428,537
2037
2,470,000
767,825
3,237,825
2037
383,913
2037
383,912
2038
2,560,000
675,200
3,235,200
2038
337,600
2038
337,600
2039
2,660,000
576,000
3,236,000
2039
288,000
2039
288,000
2040
2,765,000
469,600
3,234,600
2040
234,800
2040
234,800
2041
2,875,000
359,000
3,234,000
2041
179,500
2041
179,500
2042
2,990,000
244,000
3,234,000
2042
122,000
2042
122,000
2043
3,110,000
124,400
3,234,400
2043
62,200
2043
62,200
37,225,000
23,413,488
60,638,488
11,706,745
11,706,743
219 232
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2019A
December 31, 2021
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
June 3, 2019
December 1, 2039
$9,600,000
$5,000
2.00% to 5.00%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.l Amount Dec.l Amount
2022 $
265,000
325,800
590,800
2022
162,900
2022
162,900
2023
290,000
312,550
602,550
2023
156,275
2023
156,275
2024
315,000
298,050
613,050
2024
149,025
2024
149,025
2025
345,000
282,300
627,300
2025
141,150
2025
141,150
2026
375,000
265,050
640,050
2026
132,525
2026
132,525
2027
405,000
246,300
651,300
2027
123,150
2027
123,150
2028
435,000
230,100
665,100
2028
115,050
2028
115,050
2029
465,000
212,700
677,700
2029
106,350
2029
106,350
2030
495,000
194,100
689,100
2030
97,050
2030
97,050
2031
525,000
179,250
704,250
2031
89,625
2031
89,625
2032
555,000
163,500
718,500
2032
81,750
2032
81,750
2033
585,000
146,850
731,850
2033
73,425
2033
73,425
2034
620,000
129,300
749,300
2034
64,650
2034
64,650
2035
655,000
110,700
765,700
2035
55,350
2035
55,350
2036
685,000
91,050
776,050
2036
45,525
2036
45,525
2037
725,000
70,500
795,500
2037
35,250
2037
35,250
2038
760,000
48,750
808,750
2038
24,375
2038
24,375
2039
800,000
25,000
825,000
2039
12,500
2039
12,500
9,300,000 3,331,850 12,631,850
1,665,925 1,665,925
220 233
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2019B
December 31, 2021
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
November 25, 2019
December 1, 2039
$7,725,000
$5,000
3.00% to 5.00%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.l Amount Dec.l Amount
2022 $
-
265,350
265,350
2022
132,675
2022
132,675
2023
210,000
265,350
475,350
2023
132,675
2023
132,675
2024
235,000
254,850
489,850
2024
127,425
2024
127,425
2025
260,000
243,100
503,100
2025
121,550
2025
121,550
2026
290,000
230,100
520,100
2026
115,050
2026
115,050
2027
320,000
215,600
535,600
2027
107,800
2027
107,800
2028
350,000
199,600
549,600
2028
99,800
2028
99,800
2029
380,000
185,600
565,600
2029
92,800
2029
92,800
2030
415,000
170,400
585,400
2030
85,200
2030
85,200
2031
445,000
157,950
602,950
2031
78,975
2031
78,975
2032
475,000
144,600
619,600
2032
72,300
2032
72,300
2033
510,000
130,350
640,350
2033
65,175
2033
65,175
2034
545,000
115,050
660,050
2034
57,525
2034
57,525
2035
580,000
98,700
678,700
2035
49,350
2035
49,350
2036
615,000
81,300
696,300
2036
40,650
2036
40,650
2037
655,000
62,850
717,850
2037
31,425
2037
31,425
2038
700,000
43,200
743,200
2038
21,600
2038
21,600
2039
740,000
22,200
762,200
2039
11,100
2039
11,100
7,725,000 2,886,150 10,611,150
1,443,075 1,443,075
221 234
STATISTICAL SECTION
(Unaudited)
This part of the annual comprehensive financial report presents detailed information as a context for
understanding what the information in the financial statements, note disclosures, and required supplementary
information says about the Village's overall financial health.
Financial Trends
These schedules contain trend information to help the reader understand how the Village's financial performance
and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the Village's most significant local revenue sources.
Debt Capacity
These schedules present information to help the reader assess the affordability of the Village's current levels of
outstanding debt and the government's ability to issue additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within
which the Village's financial activities take place.
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the
Village's financial report relates to the services the Village provides and the activities it perforans.
222 235
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Net Position by Component - Last Ten Fiscal Years*
December 31, 2021 (Unaudited)
See Following Page
223 236
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Net Position by Component - Last Ten Fiscal Years*
December 31, 2021 (Unaudited)
Governmental Activities
Net Investment in Capital Assets
Restricted
Unrestricted
Total Governmental Activities Net Position
Business -Type Activities
Net Investment in Capital Assets
Unrestricted
Total Business -Type Activities Net Position
Primary Government
Net Investment in Capital Assets
Restricted
Unrestricted
Total Primary Government Net Position
Data Source: Audited Financial Statements
2012 2013 2014 (1)
$ 48,521,357
48,152,760
46,326,047
3,547,328
3,045,922
4,186,505
24,952,139
24,153,907
(10,441,020)
77,020,824 75,352,589 40,071,532
26,566,375 26,352,289 26,854,967
6,820,901 8,057,996 7,734,851
33,387,276 34,410,285 34,589,818
75,087,732
74,505,049
73,181,014
3,547,328
3,045,922
4,186,505
31,773,040
32,211,903
(2,706,169)
110,408,100 109,762,874 74,661,350
(1) The unrestricted net position decreased in 2014 due to the recognition of the business district limited tax note
payable.
(2) The Village implemented GASB Statement No. 68 in fiscal year 2015.
(3) The Village implemented GASB Statement No. 75 for fiscal year 2018.
* Accrual Basis of Accounting
224 237
2015 (2) 2016 2017 2018 (3) 2019 2020 2021
43,755,661
33,224,875
34,171,129
30,192,091
31,568,036
26,448,689
38,294,932
5,319,794
4,557,424
4,104,560
7,065,413
8,691,355
5,811,511
7,199,628
(99,563,419)
(91,778,462)
(95,150,426)
(107,779,949)
(107,707,787)
(90,600,371)
(75,314,733)
(50,487,964) (53,996,163) (56,874,737) (70,522,445) (67,448,396) (58,340,171) (29,820,173)
36,336,899 36,588,628 35,765,755 32,472,358 33,196,889 20,547,932 29,676,988
5,580,049 4,610,400 6,266,907 8,411,004 5,924,760 17,346,891 15,780,856
41,916,948 41,199,028 42,032,662 40,883,362 39,121,649 37,894,823 45,457,844
80,092,560
69,813,503
69,936,884
62,664,449
64,764,925
46,996,621
67,971,920
5,319,794
4,557,424
4,104,560
7,065,413
8,691,355
5,811,511
7,199,628
(93,983,370)
(87,168,062)
(88,883,519)
(99,368,945)
(101,783,027)
(73,253,480)
(59,533,877)
(8,571,016) (12,797,135) (14,842,075) (29,639,083) (28,326,747) (20,445,348) 15,637,671
225 238
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VILLAGE OF MOUNT PROSPECT, ILLINOIS
Fund Balances of Governmental Funds - Last Ten Fiscal Years*
December 31, 2021 (Unaudited)
General Fund
Nonspendable
Committed
Assigned
Unassigned
Total General Fund
All Other Governmental Funds
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total All Other Governmental Funds
Total Fund Balances
Data Source: Audited Financial Statements
*Modified Accrual Basis of Accounting
2012
2013
2014
$ 98,150
11,466,179
297,762
11,580,820
337,165
12,508,457
11,564,329
11,878,582
12,845,622
144,114 132,464 147,412
3,625,715 3,166,583 13,941,797
7,525,930 15,705,506 7,371,630
(664) (689) (789)
11,295,095 19,003,864 21,460,050
22,859,424 30,882,446 34,305,672
228 241
2015 2016 2017 2018 2019 2020 2021
204,023 188,247 261,219 220,065 370,162 381,902 342,372
- - - - 3,393,000 2,300,000 -
3,700,000
17,016,920 18,496,104 19,137,752 22,837,502 22,914,986 23,492,469 30,752,940
17,220,943
18,684,351
19,398,971
23,057,567
26,678,148
26,174,371
34,795,312
107,609
96,771
83,232
74,703
100,288
108,495
79,781
5,212,985
4,557,424
8,919,560
39,339,578
28,845,580
6,071,511
7,448,334
934,034
1,012,349
3,679,129
3,224,446
3,579,214
7,182,152
7,245,942
7,150,936
8,157,144
(448,034)
(688,716)
8,120
8,551,689
7,189,925
12,582,006
46,596,433
36,191,810
14,264,976
16,705,728
25,772,632
25,874,276
31,980,977
69,654,000
62,869,958
40,439,347
51,501,040
229 242
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Changes in Fund Balances for Governmental Funds - Last Ten Fiscal Years*
December 31, 2021 (Unaudited)
Revenues
Taxes
Intergovernmental
Licenses, Permits, and Fees
Charges for Services
Fines and Forfeitures
Interest
Other Reimbursements
Miscellaneous
Total Revenues
Expenditures
General Government
Public Safety
Highways and Streets
Health
Welfare
Culture and Recreation
Capital Outlay
Debt Service
Principal Retirement
Interest and Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over Expenditures
Other Financing Sources (Uses)
Disposal of Capital Assets
Debt Issuance
Premium on Debt Issuance
Payment to Escrow Agent
Transfers In
Transfers Out
Net Change in Fund Balances
Debt Service as a Percentage of
Noncapital Expenditures
Data Source: Audited Financial Statements
*Modified Accrual Basis of Accounting
2012
2013
2014
28,022,943
29,233,562
30,706,685
$ 30,485,689
31,088,445
32,564,624
18,862,827
21,103,909
23,914,974
3,657,586
3,589,368
3,516,082
4,417,110
4,408,987
5,220,730
403,036
430,960
587,966
36,491
16,751
(46,495)
629,892 1,167,196 983,623
58,492,631 61,805,616 66,741,504
5,827,275
7,452,147
7,050,018
28,022,943
29,233,562
30,706,685
7,734,185
9,094,846
8,291,698
4,405,184
4,457,548
4,590,027
1,909,062
1,868,952
1,865,265
399,366
435,931
421,517
4,761,739
8,588,414
12,075,460
1,479,732
959,812
1,537,312
913,882
2,987,587
1,914,718
55,499,298
63,582,594
69,902,975
2,993,333 (1,776,978) (3,161,471)
5,475,000 9,800,000 6,290,000
294,697
(2,949,150)
239,977 -
- (239,977) —
2,525,850 9,800,000 6,584,697
5,519,183 8,023,022 3,423,226
4.40% 4.01% 7.02%
230 243
2015 2016 2017 2018 2019 2020 2021
33,433,891
34,113,260
31,784,137
33,080,547
32,718,562
31,600,945
34,781,161
26,018,173
27,434,551
29,199,312
32,811,854
34,650,218
36,297,359
46,969,768
3,915,635
4,001,458
3,982,497
4,085,141
4,249,613
3,816,507
3,913,269
5,664,398
6,347,775
5,810,731
5,834,187
6,267,680
6,785,463
7,967,914
511,536
414,884
415,189
403,842
286,328
242,004
445,604
24,784
76,594
196,995
675,700
1,375,199
234,783
986
-
35,000
19,824
112,429
31,204
-
-
656,877
549,816
592,352
1,660,393
621,494
2,089,687
1,798,702
70,225,294
72,973,338
72,001,037
78,664,093
80,200,298
81,066,748
95,877,404
7,598,649
9,435,601
10,060,904
9,566,297
9,384,171
8,044,415
8,079,371
30,350,270
32,512,612
34,279,062
36,287,527
36,783,615
37,584,244
38,791,777
7,744,122
8,148,696
8,762,136
9,658,459
10,456,537
10,576,961
12,006,572
4,589,156
4,585,572
4,500,280
4,835,310
4,849,613
4,793,171
4,985,328
1,961,516
1,994,918
1,953,055
1,798,458
1,676,723
1,824,289
2,126,344
467,611
499,208
585,907
572,169
388,375
166,740
306,890
20,998,508
10,718,553
5,786,667
15,245,784
26,616,871
33,239,574
11,101,659
3,048,912
3,243,840
3,518,904
3,671,871
3,787,500
4,015,000
4,590,000
1,799,590
2,017,192
1,378,256
2,484,885
3,409,229
3,253,348
3,123,295
78,558,334
73,156,192
70,825,171
84,120,760
97,352,634
103,497,742
85,111,236
(8,333,040) (182,854) 1,175,866 (5,456,667) (17,152,336) (22,430,994) 10,766,168
(8,533,040) 101,643 6,106,701 37,673,023 (6,847,042) (22,430,611) 11,061,693
6.20% 7.32% 6.99% 8.00%
9.60% 9.46% 10.72%
231 244
646,600
383
295,525
- 17,835,000
4,815,000
45,500,000
7,725,000
-
-
- 1,022,839
115,835
1,783,506
394,075
-
-
- (18,573,342)
-
(4,153,816)
-
-
-
81,599 1,637,926
600,000
2,354,391
3,709,981
5,188,000
4,544,819
(281,599) (1,637,926)
(600,000)
(2,354,391)
(2,170,362)
(5,188,000)
(4,544,819)
(200,000) 284,497
4,930,835
43,129,690
10,305,294
383
295,525
(8,533,040) 101,643 6,106,701 37,673,023 (6,847,042) (22,430,611) 11,061,693
6.20% 7.32% 6.99% 8.00%
9.60% 9.46% 10.72%
231 244
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Assessed Value and Actual Value of Taxable Property - Last Ten Tax Levy Years
December 31, 2021 (Unaudited)
Tax
Levy
Residential
Commercial
Industrial
Railroad
Year
Property
Property
Property
Property
2011
$ 1,242,549,785
$ 298,578,904
$ 152,864,606
$ 959,506
2012
1,141,783,464
281,197,939
145,136,294
656,385
2013
948,371,026
272,696,503
135,438,749
787,806
2014
989,619,882
285,736,126
114,184,895
836,775
2015
962,934,812
279,463,359
111,147,033
1,005,644
2016
1,191,992,297
304,999,806
121,128,843
1,037,906
2017
1,185,479,107
321,277,244
162,946,209
1,022,879
2018
1,171,019,649
326,069,226
171,888,945
1,095,851
2019
1,352,621,864
405,952,345
211,550,243
1,182,888
2020
1,341,377,216
418,382,455
230,358,924
1,224,387
Data Source: Office of the Cook County Clerk
Note: Property in the Village is reassessed every three years. Property is assessed at 33% of actual value.
232 245
Total
Taxable
Assessed
Value
Total Direct
Tax Rate
Estimated
Actual
Taxable
Value
Estimated Actual
Taxable Value
as a Percentage
of Actual Value
$ 1,694,952,801
0.936
$ 5,084,858,403
33.333%
1,568,774,082
1.051
4,706,322,246
33.333%
1,357,294,084
1.275
4,071,882,252
33.333%
1,390,377,678
1.276
4,171,133,034
33.333%
1,354,550,848
1.352
4,063,652,544
33.333%
1,619,158,852
1.157
4,857,476,556
33.333%
1,670,725,439
1.143
5,012,176,317
33.333%
1,670,073,671
1.142
5,010,221,013
33.333%
1,971,307,340
0.988
5,913,922,020
33.333%
1,991,342,982
0.978
5,974,028,946
33.333%
233 246
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N
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Principal Property Tax Payers - Current Fiscal Year and Nine Fiscal Years Ago
December 31, 2021 (Unaudited)
Taxpayer
Taxable
Assessed
Value
2021*
Rank
Percentage
of Total Village
Taxable
Assessed
Value
Taxable
Assessed
Value
2012
Rank
Percentage
of Total Village
Taxable
Assessed
Value
United Airlines, Inc.
$ 39,059,347
1
1.96 %
Home Properties Colony
34,163,702
2
1.72 %
$ 12,165,956
5
0.78 %
Randhurst Casto Conger
28,060,445
3
1.41 %
28,960,930
1
1.85 %
CRP 3 West Central LLC
26,547,896
4
1.33 %
1450 Owner LLC
21,355,448
5
1.07 %
Mount Prospect Plaza
17,529,339
6
0.88 %
Golf Plaza Il
12,072,706
7
0.61 %
LIT Industrial Limited
10,489,002
8
0.53 %
8,418,483
6
0.54%
Menards - Properties
9,957,315
9
0.50 %
Costco
9,848,970
10
0.49 %
CRP Holdings
18,996,312
2
1.21 %
Ramco Gershenson Prop
17,492,627
3
1.12%
Golf Plaza I & 11
16,227,376
4
1.03 %
First Industrial
8,186,150
7
0.52 %
KRCV Corp
7,723,968
8
0.49%
Cummings Allison Corp
7,643,111
9
0.49%
Huntington Square
7,405,643
10
0.47 %
Totals
209,084,170
Data Source: Office of the Cook County Clerk
10.50 % 133,220,556
8.50 %
Note: Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers
contain multiple parcels and it is possible that some parcels and their valuations were overlooked.
*Collections received in 2021 for 2020 Tax Year.
236 249
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Property Tax Levies and Collections - Last Ten Fiscal Years
December 31, 2021 (Unaudited)
Data Source: Office of the County
Note: Property in the Village is reassessed each year. Property is assessed at 33% of actual value
Other Information: The Statement requires that the information in this schedule be shown for each period for
which levied and should be consistent with the periods shown in the schedule of direct and overlapping revenue
rates and schedule of direct and overlapping property tax rates. Therefore, most Illinois governments should
disclose this by the tax levy year, not the fiscal year.
237 250
Taxes
Collected within the
Collections
Tax
Levied for
Fiscal Year of the Levy
in
Total Collections to Date
Fiscal
Levy
the Fiscal
Percentage
Subsequent
Percentage
Year
Year
Year
Amount
of Levy
Years
Amount
of Levy
2012
2011
$ 15,852,352
$ 15,614,490
98.50% $
(65,951)
$ 15,548,539
98.08%
2013
2012
16,477,871
16,278,228
98.79%
(122,631)
16,155,597
98.04%
2014
2013
17,301,436
17,064,355
98.63%
(83,365)
16,980,990
98.15%
2015
2014
17,730,922
17,521,845
98.82%
(132,041)
17,389,804
98.08%
2016
2015
18,312,756
18,130,372
99.00%
(214,643)
17,915,729
97.83%
2017
2016
18,727,305
18,534,114
98.97%
(210,455)
18,323,659
97.84%
2018
2017
19,087,264
18,865,586
98.84%
(154,326)
18,711,260
98.03%
2019
2018
19,087,266
18,710,515
98.03%
(84,508)
18,626,007
97.58%
2020
2019
19,469,004
19,187,932
98.56%
94,481
19,282,413
99.04%
2021
2020
19,469,002
19,207,966
98.66%
—
19,207,966
98.66%
Data Source: Office of the County
Note: Property in the Village is reassessed each year. Property is assessed at 33% of actual value
Other Information: The Statement requires that the information in this schedule be shown for each period for
which levied and should be consistent with the periods shown in the schedule of direct and overlapping revenue
rates and schedule of direct and overlapping property tax rates. Therefore, most Illinois governments should
disclose this by the tax levy year, not the fiscal year.
237 250
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Sales Taxes by Category - Last Ten Fiscal Years
December 31, 2021 (Unaudited)
General Merchandise
Food
Drinking and Eating Places
Apparel
Furniture and H.H., and Radio
Lumber, Building Hardware
Automobile and Filling Stations
Drugs and Miscellaneous Retail
Agriculture and All Others
Manufacturers
Totals
Village Direct Sales Tax Rate
Number of Taxpayers
Data Source: Illinois Department of Revenue
2012 2013 2014
$ 1,186,217
1,171,771
1,135,237
862,501
876,288
891,855
661,285
764,653
778,314
118,034
149,317
163,857
255,967
240,289
221,977
670,057
750,191
756,113
1,681,146
1,508,700
1,578,004
3,422,046
4,081,740
4,574,353
2,073,141
2,616,771
2,802,361
110,009
182,433
383,370
11,040,403 12,342,153 13,285,441
1.00% 1.00% 1.00%
861 883 899
Data available for calendar year only. The fiscal year of the Village is the same as the calendar year. Excludes
Home Rules Tax portion.
238 251
2015
2016
2017
2018
2019
2020
2021
1,112,640
1,114,510
1,082,424
1,086,859
992,680
863,330
955,318
949,277
951,863
877,665
856,379
884,898
985,767
985,071
825,994
884,477
879,654
937,398
997,318
870,374
1,035,832
162,116
163,438
157,352
140,366
172,171
145,070
220,190
220,663
209,712
202,302
210,670
197,569
160,490
193,957
791,285
821,872
846,376
913,446
965,237
1,095,425
1,151,396
1,540,910
1,492,452
1,676,338
1,816,029
1,942,864
1,951,579
2,276,879
5,460,292
6,594,754
8,965,486
13,018,288
13,336,938
14,089,151
18,596,444
3,629,675
3,611,295
3,649,578
3,751,156
3,788,000
1,629,707
3,653,554
433,798
500,200
184,759
95,752
101,939
131,654
200,527
15,126,650
16,344,573
18,521,934
22,826,343
23,379,614
21,922,547
29,269,168
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
997
987
1,102
1,078
1,040
987
3,616
239 252
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Business District Sales Taxes by Category - Last Ten Fiscal Years
December 31, 2021 (Unaudited)
General Merchandise
Food
Drinking and Eating Places
Apparel
Furniture, H.H., and Radio
Lumber, Building Hardware
Automobile and Filling Stations
Drugs and Miscellaneous Retail
Agriculture and All Others
Manufacturers
Total
Village Direct Sales Tax Rate
Data Source: Illinois Department of Revenue
2012
2013
2014
$ 89,393
88,289
85,937
18,898
19,146
20,989
29,413
40,954
48,185
16,341
15,594
19,302
16,287
17,106
16,461
90,668
101,338
104,434
17,747
29,896
32,071
4,959
5,203
4,554
283,706 317,526 331,933
0.25% 0.25% 0.25%
Data available for calendar year only. The fiscal year of the Village is the same as the calendar year.
Note: Amount reported net of IDOR 2% compliance administration and enforcement charge.
240 253
2015 2016 2017 2018 2019 2020 2021
84,364
82,142
76,426
62,848
28,214
19,626
23,759
20,747
21,846
20,186
20,417
18,526
21,501
25,736
51,419
54,393
51,629
50,063
53,476
36,543
40,161
19,963
21,716
20,126
18,060
22,600
12,802
16,484
16,088
15,551
14,438
12,976
12,336
3,661
2,308
107,339
108,480
109,058
112,957
115,524
126,618
139,161
-
16
37,063
31,889
25,843
31,732
29,430
26,739
38,231
5,057
5,323
5,230
6,372
7,101
2,566
4,941
80
342,040
341,340
322,936
315,425
287,207
250,056
290,877
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
241 254
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Home Rule Sales Taxes by Category - Last Ten Fiscal Years
December 31, 2021 (Unaudited)
Total
Number of Taxpayers
Village Home Rule Sales Tax Rate
Data Source: Illinois Department of Revenue
4,828,807 5,138,635 5,395,213
861 883 889
1.00% 1.00% 1.00%
Data available for calendar year only. The fiscal year of the Village is the same as the calendar year.
Interest income included in warrants is not reflected in this schedule.
*Excluding additional allocations received (excluded from IDOR online report).
**Amount reported net of IDOR compliance administration and enforcement charge.
242 255
2012*
2013*
2014*
General Merchandise
$ 900,240
885,410
864,254
Food
238,050
240,013
234,082
Drinking and Eating Places
656,376
754,898
766,264
Apparel
117,928
148,991
163,487
Furniture and H.H. and Radio
251,253
235,936
218,184
Lumber, Building Hardware
665,891
743,492
752,301
Automobile and Filling Stations
922,948
948,339
956,255
Drugs and Miscellaneous Retail
454,001
509,608
508,772
Agriculture and All Others
514,937
492,238
550,929
Manufacturers
107,183
179,710
380,685
Total
Number of Taxpayers
Village Home Rule Sales Tax Rate
Data Source: Illinois Department of Revenue
4,828,807 5,138,635 5,395,213
861 883 889
1.00% 1.00% 1.00%
Data available for calendar year only. The fiscal year of the Village is the same as the calendar year.
Interest income included in warrants is not reflected in this schedule.
*Excluding additional allocations received (excluded from IDOR online report).
**Amount reported net of IDOR compliance administration and enforcement charge.
242 255
2015* 2016* 2017** 2018** 2019** 2020** 2021**
861,799
858,739
822,252
806,891
675,585
577,971
678,058
249,683
246,759
231,474
238,527
249,420
268,755
306,796
808,304
862,052
831,312
852,731
913,754
764,116
932,604
161,630
162,986
154,603
137,624
169,062
142,434
216,205
217,031
206,542
196,588
204,642
192,307
157,506
190,925
787,000
817,396
828,391
891,206
942,053
1,068,094
1,125,051
893,301
831,269
937,688
1,029,522
1,031,563
924,782
1,172,730
488,963
439,702
473,116
517,588
533,057
754,906
1,148,222
548,380
623,624
702,386
667,655
611,860
528,437
722,886
431,129
497,623
179,655
91,683
97,836
126,659
194,381
5,447,220
5,546,692
5,357,465
5,438,069
5,416,497
5,313,660
6,687,858
997
987
1,102
1,078
1,040
987
3,616
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
243 256
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Direct and Overlapping Sales Tax Rates - Last Ten Fiscal Years
December 31, 2021 (Unaudited)
Fiscal
Year
State
Tax
County
Rate
Regional
Transportation
Authority
Village
Direct
Rate
Total
2012
5.00%
1.25%
1.00%
1.00%
9.25%
2013
5.00%
1.00%
1.00%
1.00%
9.00%
2014
5.00%
1.00%
1.00%
1.00%
9.00%
2015
5.00%
1.00%
1.00%
1.00%
9.00%
2016
5.00%
2.00%
1.00%
1.00%
10.00%
2017
5.00%
2.00%
1.00%
1.00%
10.00%
2018
5.00%
2.00%
1.00%
1.00%
10.00%
2019
5.00%
2.00%
1.00%
1.00%
10.00%
2020
5.00%
2.00%
1.00%
1.00%
10.00%
2021
5.00%
2.00%
1.00%
1.00%
10.00%
Data Source: State of Tllinois
Note: Business district is assessed additional 0.25% sales tax.
244 257
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years
December 31, 2021 (Unaudited)
Business -Type
Governmental Activities Activities
Data Source: Audited Financial
(1) The Village entered into five installment contracts with the Illinois Environmental Protection Agency to provide
funds for the construction of flood control projects. The contracts are for a 20 -year period with equal semiannual
installments. Only one of the five original loans remain outstanding.
(2) The Village entered into an installment note to provide funding for the construction of certain flood control
projects. The loan is payable in annual installments over a seven-year period.
(3) See the schedule of Demographic and Economic Information for personal income and population data.
Note: Details of the Village's outstanding debt can be found in the notes to financial statements.
245 258
Business
Percentage
Fiscal
General
IEPA
District
General
Total
of
Year
Obligation
Loan
Installment
Limited Tax
Obligation
Primary
Personal
Per
Ended
Bonds
Payable (1)
Note (2)
Note Payable
Bonds
Government
Income (3)
Capita (3)
2012
$ 22,790,000 $ 1,706,824 $ 2,500,000 $
— $
—S
26,996,824
1.50%S
498
2013
31,645,000
1,139,512
2,475,000
30,451,305
—
65,710,817
3.65%
1,213
2014
48,433,628
721,927
2,340,000
31,514,427
—
83,009,982
4.61%
1,532
2015
45,927,931
543,015
1,940,000
31,790,140
—
80,201,086
4.46%
1,481
2016
43,905,073
359,175
1,525,000
31,767,253
—
77,556,501
4.31%
1,432
2017
45,784,843
170,271
1,105,000
32,525,273
5,063,964
84,649,351
4.71%
1,563
2018
85,737,998
57,500
590,000
33,192,363
9,827,936
129,405,797
7.19%
2,389
2019
90,476,575
35,329,187
19,567,083
145,372,845
8.08%
2,684
2020
86,146,970
35,905,176
19,206,498
141,258,644
6.50%
2,587
2021
81,283,168
36,730,522
18,644,921
136,658,611
5.94%
2,404
Data Source: Audited Financial
(1) The Village entered into five installment contracts with the Illinois Environmental Protection Agency to provide
funds for the construction of flood control projects. The contracts are for a 20 -year period with equal semiannual
installments. Only one of the five original loans remain outstanding.
(2) The Village entered into an installment note to provide funding for the construction of certain flood control
projects. The loan is payable in annual installments over a seven-year period.
(3) See the schedule of Demographic and Economic Information for personal income and population data.
Note: Details of the Village's outstanding debt can be found in the notes to financial statements.
245 258
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years
December 31, 2021 (Unaudited)
Fiscal
Year
General
Obligation
Bonds
Less Amounts
Available
in Debt
Service Fund
Total
Percentage of
Total Taxable
Assessed
Value of
Property (1)
Per
Capita (2)
2012
$ 22,790,000
$ 135,817
$ 22,654,183
0.45%
$ 418
2013
31,645,000
121,491
31,523,509
0.67%
582
2014
48,433,628
131,635
48,301,993
1.19%
892
2015
45,927,931
154,206
45,773,725
1.10%
845
2016
43,905,073
168,152
43,736,921
1.08%
807
2017
50,848,807
184,195
50,664,612
1.04%
935
2018
95,565,934
2,546,115
93,019,819
1.86%
1,717
2019
110,043,658
1,850,968
108,192,690
2.16%
1,997
2020
105,353,468
1,261,124
104,092,344
1.76%
1,906
2021
99,928,089
1,533,779
98,394,310
1.65%
1,731
Data Sources: Audited financial statements and Office of the County Cleric
(1) See the schedule of Assessed Value and Actual Value of Taxable Property for property value data.
(2) See the schedule of Demographic and Economic Information for personal income and population data.
Note: Details regarding the Village's outstanding debt can be found in the notes to the financial statements.
246 259
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Schedule of Direct and Overlapping Governmental Activities Debt
December 31, 2021 (Unaudited)
Governmental Unit
(1)
Gross
Debt
(2)
Percentage
Debt Applicable
to the Village of
Mount Prospect
(3)
Village
Share
of Debt
Village of Mount Prospect
$ 118,013,690
100.00% $
118,013,690
County of Cook
2,596,351,750
1.15%
29,728,228
Forest Preserve District of Cook County
78,085,000
1.15%
894,073
Metropolitan Water Reclamation District
2,599,744,000
1.17%
30,287,018
Community College District #535
47,200,000
0.02%
8,024
Community College District 9512
244,065,000
9.15%
22,319,744
School District #214
25,000,000
19.46%
4,865,000
School District #207
111,200,000
0.08%
92,296
School District#57
5,470,000
94.13%
5,148,692
School District #26
12,615,000
78.65%
9,921,445
School District #25
40,250,000
2.60%
1,047,305
School District #23
10,500,000
8.58%
900,375
School District #21
84,350,000
2.85%
2,404,819
School District #59
32,355,000
18.21%
5,891,846
Arlington Heights Park District
11,427,000
1.92%
219,284
Des Plaines Park District
6,069,000
1.67%
101,534
Mount Prospect Park District
2,870,415
75.65%
2,171,325
Total Overlapping Debt
5,907,552,165
116,001,008
Total Direct and Overlapping Debt 6,025,565,855 234,014,698
Data Source: Governmental units and the percentage of overlapping debt from the County Clerk's office. Gross
debt of the overlapping governmental units obtained from ACFR's on file with the Cook County Treasurer's
Office.
(1) Gross bonded debt excluding outstanding general obligation (alternate revenue bonds) which are expected to
be paid from sources other then general taxation.
(2) Determined by ratio of 2019 assessed value of property subject to taxation in overlapping unit to value of
property subject to taxation in the Village.
(3) Amount in column (2) multiplied by amount in column (1).
247 260
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Schedule of Legal Debt Margin
December 31, 2021 (Unaudited)
The Village is a home rule municipality.
Article VII, Section 6(k) of the 1970 Illinois constitution governs computation of legal debt margin.
The General Assembly may limit by law the amount and require referendum approval of debt to be incurred
by some home rule municipalities, payable from ad valorem property tax receipts, only in excess of the
following percentages of the assessed value of its taxable property ... (2) if its population is more than 25,000
and less than 500,000 an aggregate of one percent: indebtedness which is outstanding on the effective date
(July 1, 1971) of this constitution or which is thereafter approved by referendum... shall not be included in
the foregoing percentage amounts.
To date the General Assembly has set no limits for home rule municipalities. The government is a home rule
municipality.
248 261
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Demographic and Economic Statistics - Last Ten Fiscal Years
December 31, 2021 (Unaudited)
Fiscal
Year
(1)
Population
(2)
Equalized
Assessed Value
Personal
Income
(1)
Per
Capita
Personal
Income
(3)
Unemployment
Rate
2012
54,167
$ 1,568,774,082
$ 1,798,831,903
$ 33,209
6.60%
2013
54,167
1,357,294,084
1,798,831,903
33,209
6.70%
2014
54,167
1,390,377,678
1,798,831,903
33,209
5.50%
2015
54,167
1,354,550,848
1,798,831,903
33,209
4.30%
2016
54,167
1,304,972,506
1,798,831,903
33,209
4.60%
2017
54,167
1,670,725,439
1,798,831,903
33,209
3.70%
2018
54,167
1,670,073,671
1,798,831,903
33,209
2.90%
2019
54,167
1,971,307,340
1,798,831,903
33,209
2.70%
2020
54,604
1,991,342,982
2,174,658,904
39,826
6.60%
2021
56,852
N/A
2,299,777,104
40,452
5.00%
Data source:
(1) U.S. Department of Commerce, Bureau of the Census
(2) Office of the Cook County Cleric
(3) IDES Local Area Unemployment Statistics
N/A - Not Available
249 262
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Principal Employers - Current Fiscal Year and Nine Fiscal Years Ago
December 31, 2021 (Unaudited)
Employer
2021
2012
Percentage Percentage
of Total of Total
Village Village
Employees Rank Employment Employees Rank Employment
CVS Caremark
1,400
1
2.46%
809
1
1.49%
Robert Bosch Tool Corporation
650
2
1.14%
650
2
1.20%
Cummins -Allison
391
3
0.69%
450
3
0.83%
Mount Prospect School District 57
323
4
0.57%
271
8
0.50%
Village of Mount Prospect
318
5
0.56%
305
4
0.56%
Township High School District 214
300
6
0.53%
225
10
0.42%
Rauland Borg
300
7
0.53%
300
6
0.55%
Home Depot #1913
287
8
0.50%
Wal-Mart Supercenter #1681
269
9
0.47%
300
5
0.55%
Jewel Food Store #3476
240
10
0.42%
288
7
0.53%
Carson Pirie Scott
250
9
0.46%
4,478
7.87%
3,848
7.09%
Data Sources: Village Records
250 263
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Full -Time and Part -Time Employees by Function/Program - Last Ten Fiscal Years
December 31, 2021 (Unaudited)
See Following Page
251 264
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Full -Time Equivalent Employees by Function/Program - Last Ten Fiscal Years
December 31, 2021 (Unaudited)
Function/Program
2012
2013
2014
Public Representation/Community
and Civic Services
2.10
2.10
2.05
General Government
Village Administration
Administration
15.45
15.45
15.45
Finance
13.00
13.00
13.00
Total
28.45
28.45
28.45
Community Development
Community Development
17.75
18.50
18.50
Community Development/CDBG
1.25
1.00
1.00
Total
19.00
19.50
19.50
Human Services Department
9.50
9.50
9.50
Public Safety and Protection
Police Department
99.50
100.50
100.50
Fire Department
74.50
74.50
74.50
Total
174.00
175.00
175.00
Public Works Department
Administration
2.85
2.85
2.85
Streets/Buildings/Parking
11.85
12.45
12.40
Forestry
9.75
9.25
9.35
Engineering
8.00
8.00
8.00
Water/Sewer
25.00
24.75
24.75
Refuse Disposal
2.90
2.90
2.90
Parking
0.90
0.90
0.90
Vehicle Maintenance
10.90
10.75
10.75
Total
72.15
71.85
71.90
Village Total
305.20
306.40
306.40
Data Source: Village Budget
252 265
16.85
13.00
16.75
13.00
17.35
13.00
15.85
13.50
15.50
13.50
16.00
14.00
16.00
13.00
2015
2016
2017
2018
2019
2020
2021
18.50
1.00
18.75
0.75
18.75
0.75
21.00
21.25
21.25
20.75
2.15
2.20
2.10
2.05
0.80
0.80
0.70
16.85
13.00
16.75
13.00
17.35
13.00
15.85
13.50
15.50
13.50
16.00
14.00
16.00
13.00
29.85
29.75
30.35
29.35
29.00
30.00
29.00
18.50
1.00
18.75
0.75
18.75
0.75
21.00
21.25
21.25
20.75
19.50
19.50
19.50
21.00
21.25
21.25
20.75
9.50
9.50
9.55
10.55
9.55
9.55
9.55
99.50
75.00
101.50
81.00
102.50
81.00
103.00
81.00
104.00
80.75
105.50
80.75
105.50
80.75
174.50
182.50
183.50
184.00
184.75
186.25
186.25
2.85
3.85
3.35
4.75
5.10
5.10
5.10
12.40
12.35
12.35
14.20
16.05
16.30
16.00
9.25
8.35
8.35
8.35
9.55
9.55
9.55
8.00
8.00
8.00
7.90
8.40
8.40
8.40
24.75
2.90
25.25
25.75
23.30
23.30
23.30
2.90
24.75
2.90
0.90
0.90
0.90
10.75
10.75
10.75
10.75
9.60
10.10
9.65
71.80
71.85
71.85
71.70
72.00
72.75
72.00
307.30 315.30 316.85 318.65 317.35 320.60 318.25
253
266
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Operating Indicators by Function/Program - Last Ten Fiscal Years
December 31, 2021 (Unaudited)
Function/Program
2012
2013
2014
Finance Department
Vehicle Stickers Issued
43,092
43,490
42,789
Utility Bills
90,147
152,312
152,649
Real Estate Transfer Tax Stamps Sold
1,282
1,451
1,426
Community Development
Building Division
Permits Issued
2,244
2,383
2,653
Plan Reviews
595
524
471
Building Code Inspections
8,939
7,824
10,952
Environmental Health Division
Inspections
Food Service
405
393
434
Multi -family Buildings
565
568
1,068
Public Safety
Police
Number of Crimes
3,178
2,809
2,480
Number of Service Calls
19,184
19,206
18,594
Number of Arrests
1,602
1,509
1,307
Moving Violations
5,979
6,152
4,928
Parking Citations
7,640
7,314
7,671
Fire
Fire Calls
1,892
1,967
1,926
EMS Calls
3,885
3,912
3,985
Fire Prevention Inspections
3,308
3,144
3,047
Training Hours
21,340
21,149
24,033
Public Works
Streets
Street Resurfacing (Miles)
5.20
7.50
18.80
Crack Filling (Lbs)
51,885
49,153
59,568
Leaves Removed (Tons)
1,785
2,070
2,081
Water
Water Mains Installed (Lineal Feet)
Water Billed (1,000 Gallons)
1,341,268
1,284,779
1,301,528
Sanitary Sewers Cleaned (Ft)
58,922
65,000
90,000
Refuse (Single/Multi-Family)
Solid Waste Collected (Tons)
31,385
29,494
30,320
Recycling (Tons)
6,028
5,692
5,498
Data Source: Various Village Departments
* Numbers affected by COVID-19.
254 267
2015
2016
2017
2018
2019
2020
2021
41,964
41,323
40,638
39,214
37,945
35,337
35,687
152,703
152,872
152,689
152,689
149,186
149,305
152,408
1,433
1,541
1,472
1,473
1,455
1,485
1,596
2,490
2,500
2,375
2,562
2,502
2,500
2,935
536
513
425
465
575
600
636
10,590
9,535
9,640
9,320
9,100
9,000
10,480
409
405
400
359
406
432
1,216
1,043
1,000
1,000
1,025
1,015
1,000
902
2,399
2,235
2,387
2,335
2,392
2,102
2,350
18,906
18,232
18,393
18,339
18,483
15,650
18,400
1,178
1,083
1,102
1,019
1,113
919
338
4,839
4,137
3,842
3,440
3,404
2,501
2,300
7,166
5,637
8,179
5,564
4,366
3,692
6,000
1,883
1,889
1,816
1,884
1,855
1,793
1,767
4,061
4,032
4,105
4,195
4,598
4,069
4,734
2,700
3,800
2,075
2,600
3,000
1,500 *
1,956
25,990
29,024
31,626
31,651
31,258
24,221 *
29,587
9.80
6.30
7.00
7.00
6.80
7.10
7.73
51,412
53,623
51,412
54,000
54,000
54,000
55,371
1,988
1,676
1,848
1,856
1,853
1,889
1,100
1,990
600
1,990
3,900
4,510
5,326
6,513
1,204,478
1,224,661
1,208,079
1,179,096
1,183,694
1,219,545
1,259,250
120,000
75,000
100,000
75,000
60,000
60,000
52,000
30,605
26,574
29,613
28,235
28,854
28,776
28,704
5,369
5,355
5,492
5,086
4,672
4,859
4,486
255 268
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Capital Asset Statistics by Function/Program - Last Ten Fiscal Years
December 31, 2021 (Unaudited)
Function/Program 2012 2013 2014
Public Safety
Police
Stations
Patrol Units
Fire
Fire Stations
Fire Engines/Vehicles
Public Works
Residential Streets (Miles)
Water
Water Mains (Miles)
Fire Hydrants
Storage Capacity (Gallons)
Wastewater
Sanitary Sewer (Miles)
Storm Sewers (Miles)
Combined Sewers (Miles)
Data Source: Various Village departments
1
1
1
33
33
32
3
3
3
20
23
23
134 135 134
162
161
160
2,295
2,274
2,242
8.8M
8.8M
8.8M
71 71 71
128 135 135
54 54 54
256 269
2015 2016 2017 2018 2019 2020 2021
1
1
1
1
1
1
1
32
30
31
31
30
30
30
3
3
3
3
3
3
3
22
21
21
21
22
22
22
134 135 135 135 135 135 136
160
160
160
160
160
160
160
2,240
2,243
2,246
2,246
2,246
2,246
2,246
8.8M
8.8M
8.8M
8.8M
8.8M
8.8M
8.8M
71
72
72
72
72
72
72
108
108
110
110
110
110
110
54
55
55
55
55
55
55
257
270
ADDITIONAL DISCLOSURES REQUIRED BY SEC RULE 15C2-12
258 271
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS
FINANCIAL INFORMATION
STATEMENT OF INDEBTEDNESS
Assessed Valuation of Taxable Real Property, 2020
Estimated True Value of Taxable Real Property, 2020
Direct Bonded Debt payable from Property Taxes (1)
Payable From Property taxes
Self -Supporting Debt
Total Direct Bonded Debt
Overlapping Bonded Debt Payable from Property Taxes (2)
Schools
Other Than Schools
Total Overlapping Bonded Debt
Total Direct and Overlapping Bonded Debt
Total Direct and Overlapping Bonded Debt Excl. Self -Supporting
Amount
As Percent of
Per Capita
Applicable as of
Assessed
Estimated
2010 Census
December 31, 2021
Value
True Value
56,852
$1,991,342,982
100.00%
33.33%
$ 35,026.79
5,974,028,946
300.00%
100.00%
105,080.37
$50,910,000
2.56%
0.85%
$ 895.48
85,778,611
4.31%
1.44%
1,508.81
$136,688,611
6.87%
2.29%
$ 2,404.29
$52,599,546
2.64%
0.89%
$ 925.20
63,401,462
3.18%
1.67%
1,115.20
$116,001,008
5.82%
2.56%
$ 2,040.40
$252,689,619
12.69%
4.85%
$ 4,444.69
$166,911,008
8.380/4,
2.790/t,
$ 2,935.89
Notes: 1. The Village is a home -rule unit under the Illinois constitution and, therefore, has no debt limit nor is it
required to seek referendum approval for the issuance of general obligation debt.
2. See "Detailed Overlapping Bonded Indebtedness Payable From Property Taxes at December 31, 2021".
RETIREMENT SCHEDULE OF OUTSTANDING VILLAGE GENERAL OBLIGATION BONDED
DEBT (Note 1)
(As of December, 31, 2021)
Principal Maturities
Due Source of Payments Total Maturities Debt Service Tax Levies
Calendar Property Annual Cumulative Levy Property
Date Taxes Amount Percent Year Taxes
2022
5,080,000
5,080,000
10.0%
2021
5,524,686
2023
3,615,000
3,615,000
13.5%
2022
3,652,500
2024
3,805,000
3,805,000
17.3%
2023
3,649,100
2025
4,025,000
4,025,000
21.2%
2024
3,643,800
2026
4,255,000
4,255,000
25.4%
2025
3,643,850
2027
4,465,000
4,465,000
29.8%
2026
3,637,000
2028
4,705,000
4,705,000
34.4%
2027
3,643,400
2029
4,435,000
4,435,000
38.7%
2028
3,142,500
2030
4,795,000
4,795,000
43.4%
2029
3,235,250
2031
5,065,000
5,065,000
48.4%
2030
3,234,250
2032
5,340,000
5,340,000
53.6%
2031
3,233,750
2033
5,645,000
5,645,000
59.2%
2030
3,233,500
2034
5,030,000
5,030,000
64.1%
2031
3,233,250
2035
5,290,000
5,290,000
69.3%
2034
3,238,138
2036
5,550,000
5,550,000
74.7%
2035
3,237,075
2037
5,825,000
5,825,000
80.4%
2036
3,237,825
2038
4,020,000
4,020,000
84.4%
2037
3,235,200
2039
4,200,000
4,200,000
88.5%
2038
3,236,000
2040
2,765,000
2,765,000
91.2%
2039
3,234,600
2041
2,875,000
2,875,000
94.0%
2040
3,234,000
2042
2,990,000
2,990,000
97.0%
2041
3,234,000
2043
3,110,000
3,110,000
100.0%
2042
3,234,400
$96,885,000
$96,885,000
259 272
Notes: 1. The Village is a home rule unit under the 1970 Illinois Constitution and as such has no debt limit, nor is it
required to seek referendum approval for the issuance of general obligation debt. The Village has used
alternative revenue sources including Home -rule sales tax, water/sewer charges etc. to perform the debt
service for certain bonds. The Village abates the property taxes for the bonds paid with the alternative
revenue sources.
DEBT RATIOS AND PER CAPITAL DEBT -GENERAL OBLIGATION BOND SALES 2003-2021 (Note 1)
Notes: 1. Information in table pulled from applicable Official Statements.
2. Excludes the Village's general obligation bonds which are payable from non -property taxes.
3. Village population estimates used in these calculations were 56,265 in 2001-2009, and 54,167 in 2010-2019
and 56,852 beginning in 2020.
EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note 1)
Real Property
Tax Net For Plus Total For All Increase
Levy General Taxing Incremental Taxing Over
Year (2) Purposes (3) Valuation Purposes (4) Prior Year
2011
1,694,952,801
Ratio to Equalized Assessed Value
Per Capita (3)
(7.7%)
2012
Direct Debt
Direct & Overlapping
1,607,021,964
Direct & Overlapping
2013
1,357,294,084
Including
Excluding
Including
Excluding
Including
Excluding
Village Issue
2.4%
Self-
Self-
Self-
Self-
Self-
Self -
Sale Date
Amount
Supporting
Supporting
Supporting
Supporting
Supporting
Supporting
January 21, 2003
12,235,000
1.39%
1.05%
3.77%
3.43%
2,544.05
2,316.16
December 15, 2006
10,000,000
0.78%
0.69%
2.72%
2.63%
2,362.39
2,287.21
February 17, 2009
10,000,000
0.72%
0.72%
2.45%
2.45%
2,445.85
2,445.85
December 1, 2009
3,430,000
0.70%
0.70%
2.47%
2.47%
2,749.42
2,749.42
December 1, 2009
2,650,000
0.70%
0.70%
2.47%
2.47%
2,749.42
2,749.42
July 29, 2011
4,100,000
0.60%
0.60%
2.80%
2.80%
2,921.82
2,921.82
July 29, 2011
5,160,000
0.60%
0.60%
2.80%
2.80%
2,921.82
2,921.82
January 3, 2012
2,975,000
0.60%
0.60%
2.80%
2.80%
2,921.82
2,921.82
September 10, 2013
9,800,000
0.92%
0.92%
3.42%
3.42%
3,042.80
3,043.80
February 4, 2014
6,279,000
1.13%
1.09%
3.74%
3.71%
3,253.40
3,223.59
September 8, 2016
8,735,000
2.00%
1.16%
5.29%
4.45%
3,356.50
3,309.47
December 1, 2016
9,100,000
1.90%
1.09%
5.25%
4.43%
3,356.50
3,296.96
December 20, 2017
9,740,000
1.64%
1.04%
3.78%
3.19%
3,385.89
2,829.19
May 1, 2018
7,060,000
1.62%
0.62%
3.79%
2.75%
4,214.20
2,450.93
October 16, 2018
38,440,000
2.39%
1.28%
4.55%
3.41%
4,214.20
3,135.48
June 3, 2019
9,600,000
3.66%
2.20%
9.75%
5.85%
2,990.13
1,533.88
November 25, 2019
7,725,000
3.67%
2.20%
9.76%
5.86%
2,990.13
1,533.88
Notes: 1. Information in table pulled from applicable Official Statements.
2. Excludes the Village's general obligation bonds which are payable from non -property taxes.
3. Village population estimates used in these calculations were 56,265 in 2001-2009, and 54,167 in 2010-2019
and 56,852 beginning in 2020.
EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note 1)
Real Property
Tax Net For Plus Total For All Increase
Levy General Taxing Incremental Taxing Over
Year (2) Purposes (3) Valuation Purposes (4) Prior Year
2011
1,694,952,801
42,659,295
1,737,612,096
(7.7%)
2012
1,568,774,082
38,247,882
1,607,021,964
(7.5%)
2013
1,357,294,084
32,976,484
1,390,270,568
(13.5%)
2014
1,390,377,678
33,230,688
1,423,608,366
2.4%
2015
1,354,550,848
32,251,850
1,386,802,698
(2.6%)
2016
1,619,158,852
47,669,419
1,666,828,271
20.2%
2017
1,670,725,439
-
1,670,725,439
0.2%
2018
1,670,073,671
2279575
1,702,916,654
0.1%
2019
1,962,779,503
8,527,837
1,971,307,340
17.9%
2020
1,957,111,396
14,195,944
1,991,342,982
1.0%
260 273
Notes: 1. Property in Cook County is separated into two primary classifications for assessment purposes (10% for
residential and 25% for commercial property). After the assessor establishes the fair market value of a
parcel of land, the value is multiplied by one of the classification percentages to arrive at the assessed
valuation for that parcel. The Illinois Department of Revenue furnishes each county with an adjustment
factor (the equalization factor) to equalize the level of assessment between counties. After the equalization
factor is applied, the valuation of the property for taxing purposes has been established -tax rates are applied
to the equalized valuation.
2. Under the current triennial reassessment system in Cook County, the Village was most recently reassessed in
2019 and the Village equalized assessed value increased by 17.9% compared to the prior year.
3. Excludes four categories of exemptions: the Senior Citizens' Homestead Exemption; the General
Homestead Exemption; the Senior Citizens' Tax Freeze Homestead Exemption and the Long -Term
Homeowner Exemption.
4. The Village's tax rate is calculated based on the village's Net Equalized Assessed Valuation (shown in
this table as "Net for General Taxing Purposes") and is extended against its entire Equalized Assessed
Valuation (shown in this table as "Total for all Taxing Purposes") excluding only the statuary
exemptions. Of the taxes collected, that portion applicable to incremental valuation (valuation of tax
increment districts) is remitted to the Village by the County Collector for deposit in the applicable tax
allocation fund. The Equalized Assessed Valuation for which the Village receives its portion of the
total tax rate for all non -TIF purposes is shown in this table as "Net for General Taxing Purposes".
DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES
AT DECEMBER 31, 2021
SCHOOL DISTRICTS:
Elementary Districts:
Mount Prospect No. 57
Community Consolidated No. 59
River Trails No. 26
Wheeling Community Consolidated No. 21
Arlington Heights No. 25
Prospect Heights No. 23
High School Districts:
Wheeling/Elk Grove No. 214
Maine Township No. 207
Community Colleges:
Oakton No. 535
Harper No. 512
Total Schools
OTHER THAN SCHOOL DISTRICTS:
Cook County, Including Forest Preserve District
Metropolitan Water Reclamation District
Park Districts:
Mount Prospect
Arlington Heights
Des Plaines
Percent of Village's Applicable Share
Village's 2020 of Gross Debt to be
Real Property Gross Paid From Property Taxes (1)
in Taxing Body Bonded Debt Percent Amount
37.7%
5,470,000
94.126%
5,148,692
26.7%
32,355,000
18.210%
5,891,846
26.4%
12,615,000
78.648%
9,921,445
3.4%
84,350,000
2.851%
2,404,819
3.2%
40,250,000
2.602%
1,047,305
2.5%
10,500,000
8.575%
900,375
99.8%
25,000,000
19.460%
4,865,000
0.2%
111,200,000
0.083%
92,296
0.2%
47,200,000
0.017%
8,024
99.8%
244,065,000
9.145%
22,319,744
52,599,546
100.0%
2,674,436,750
1.145%
30,622,301
100.0%
2,599,744,000
1.165%
30,287,018
66.8%
2,870,415
75.645%
2,171,325
2.8%
11,427,000
1.919%
219,284
1.8%
6,069,000
1.673%
101,534
Total Other Than Schools 63,401,462
261
274
Notes: 1. Village's share based upon 2019 Real Property valuations.
TAX RATES PER $100 EQUALIZED ASSESSED VALUATION (Note 1)
Village of Mount Prospect:
Bonds and Interest
Pensions (Police, Fire)
Police Protection
Fire Protection
Corporate
Total Village
Cook County, Including Forest Preserve
Metropolitan Water Reclamation District
Mount Prospect Park District
Mount Prospect Public Library
Special Service Area No. 5
Community Consolidated School District
Township High School District No. 214
Harper College No. 512
All Other
Total (2)
Village as a Percent of Total
Levv Years
2016
2017
2018
2019
2020
$0.143
$0.146
$0.148
$0.132
$0.138
0.381
0.384
0.401
0.370
0.366
0.311
0.301
0.292
0.261
0.223
0.322
0.312
0.302
0.225
0.251
$ 1.157
$ 1.143
$ 1.143
$ 0.988
$ 0.978
0.596
0.558
0.549
0.543
0.511
0.406
0.402
0.396
0.389
0.378
0.594
0.609
0.633
0.547
0.554
0.687
0.681
0.696
0.599
0.593
0.119
0.118
-
-
-
2.998
3.031
3.173
2.751
2.735
2.527
2.563
2.669
2.356
2.382
0.416
0.425
0.443
0.403
0.409
0.105
0.135
0.106
0.090
0.087
$ 9.605
$ 9.665
$ 9.808
$ 8.666
$ 8.627
12.0% 11.8% 11.7% 11.4% 11.3%
Notes 1. As a home rule unit under the 1970 Illinois Constitution, the Village has no statutory tax rate or levy
limitations.
2. Tax rate applicable to the largest tax code in the Village and most recent available from Cook County.
TAX EXTENSIONS AND COLLECTIONS
(Village Purposes Only)
Total Taxes Collected as
Levy Collection Total Taxes of December 31, 2020 (Note 1)
Year Year Extended Amount Percent (2)
2012
2013
16,477,871
16,278,228
98.79%
2013
2014
17,301,436
17,064,355
98.63%
2014
2015
17,730,922
17,521,845
98.82%
2015
2016
18,312,756
18,130,372
99.00%
2016
2017
18,727,305
18,534,114
98.97%
2017
2018
19,087,264
18,865,586
98.84%
2018
2019
19,087,266
18,710,515
98.03%
2019
2020
19,469,004
19,187,932
98.56%
2020
2021
19,469,002
19,207,967
98.66%
Notes: 1. Source: Cook County Treasurer's Office. Tax payments, including late payments and proceeds from
tax sales, are shown as collections in the year when due. The "Amount Collected" is not the same as
distributions to the Village because tax refunds (pursuant to court orders, first time homestead
exemptions other exemptions, etc.) are deducted from "Amount Collected" and interest earnings are
added to "Amount Collected" in calculating the distributions.
262 275
2. Cook County property taxes are payable in two installments: the first on March 1, and the second on
the latter of August 1 or 30 days after the mailing of the tax bills. The first installment is an estimated
bill and is 55% of the prior year's bill. The second installment is based on the current levy, assessment
and equalization and reflects any changes from the prior year in those factors.
TEN LARGEST TAXPAYERS
Equalized
Assessed Percent of
Rank Taxpayer Business/Properties Valuation (1) Village (2)
1
United Airlines Inc.
2
Home Properties Colony
3
Randhurst Costco Conger
4
CRP 3 West Center LLC
5
1450 Owner LLC
6
Mount Prospect Plaza
7
Golf Plaza II
8
LIT Industrial Limited
9
Menards - Properties
10
Costco
Operations Center
Apartments
Membership Warehouse Club
Industrial
Industrial Real Estate
Shopping Center
Shopping Center
Industrial
Hardware and Home Building Store
Membership Warehouse Club
Notes: 1. Valuations as of January 1, 2020 for 2021 tax purposes.
2. Total 2020 Village valuation is $ 1,991,342,982
39,059,347
1.96%
34,163,702
1.72%
28,060,445
1.41%
26,547,896
1.33%
21,355,448
1.07%
17,529,339
0.88%
12,072,706
0.61%
10,489,002
0.53%
9,957,315
0.50%
9,848,970
0.49%
$ 209,084,170 10.50%
2013 AND 2020 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION*
Village of Mount Prospect
Taxable Valuation Percent of Total
Classification 2013 2020 % 2013 2020
Residential
948,371,026
1,341,377,21
41.44%
69.87%
67.36%
Commercial
272,696,503
418,382,455
53.42%
20.09%
21.01%
Industrial
135,438,749
230,358,924
70.08%
9.98%
11.57%
Railroad
787,806
1,224,387
55.42%
0.06%
0.06%
Total
1,357,294,084
1,991,342,98
46.71%
100.00%
100.00%
* A breakdown by property classification of the Village's levy year 2021 valuation is not available as of the date
of this report.
263 276
GENERAL FUND (Note 1)
Summary Statement of Revenues, Expenditures and Changes in Fund Balance
(Fiscal Years Ending December 31)
Revenues:
Property Taxes
Sales Taxes
State Income Taxes
Licenses, Permits & Fees
Utility Taxes
Charges for Service
Fines & Forfeits
Investment Income
Food & Beverage Tax
Real Estate Transfer Tax
All Other Revenues
Total Revenues
Expenditures:
General Government
Public Representation Division
Village Manager's Office
Finance Department
Community Development -Administration
Benefit Payments
Total General Government
Public Safety:
Code Enforcement
Police Department
Fire & Emergency Protection Department
Total Public Safety
Highways & Streets
Health
Welfare
Culture & Recreation
Net Transfers (In)/Out
Total Expenditures
Revenues Over (Under) Expenditures
Ending Fund Balance
Actual 2021
2017
2018
2019
2020
Budget
Actual
$ 16,112,039
16,112,039
16,081,608
16,367,630
16,397,087
16,226,617
19,458,742
23,658,634
24,249,211
22,693,522
29,325,000
30,100,672
4,975,194
5,187,361
5,765,484
5,886,270
7,154,200
7,175,489
2,334,232
2,484,451
2,733,317
2,402,150
2,377,500
3,462,218
3,491,473
3,476,969
3,292,347
3,025,210
3,351,500
3,053,871
1,527,168
1,475,149
1,875,941
2,320,837
1,892,600
3,153,582
415,189
403,842
286,328
242,004
292,000
445,604
132,925
318,490
430,397
99,325
181,600
(3,025)
839,472
884,637
884,637
818,911
820,000
1,080,890
1,190,331
1,426,037
1,434,580
962,687
1,125,000
1,471,917
3,325,198
3,539,116
3,144,713
3,870,492
8,162,225
2,895,216
$ 53,801,963 58,966,725 60,178,563 58,689,038 71,078,712 69,063,051
134,039
159,710
113,322
120,925
166,251
166,216
4,730,808
3,733,109
3,662,546
3,498,838
4,314,563
3,689,825
2,466,917
2,735,100
2,781,155
1,548,016
1,634,351
1,515,447
933,069
1,109,904
1,129,783
1,723,458
1,176,970
1,063,237
46,780
5,819
5,993
6,173
6,478
6,358
8,311,613
7,743,642
7,692,799
6,897,410
7,298,613
6,441,083
820,925
854,780
962,937
1,062,597
1,137,920
1,094,230
17,823,169
18,564,213
18,975,187
19,085,680
20,327,573
20,023,450
15,522,366
15,586,449
16,188,816
17,096,913
17,792,742
17,616,782
34,166,460
35,005,442
36,126,940
37,245,190
39,258,235
38,734,462
7,613,341
7,915,559
8,674,121
8,705,967
10,585,305
9,370,338
261,533
306,314
195,532
132,833
158,345
166,502
1,548,489
1,410,612
1,372,853
1,446,675
1,536,180
1,422,835
585,907
572,169
388,375
166,740
424,366
306,890
600,000
2,354,391
2,107,362
4,598,000
4,000,000
4,000,000
53,087,343
55,308,129
56,557,982
59,192,815
63,261,044
60,442,110
714,620
3,658,596
3,620,581
(503,777)
7,817,668
8,620,941
$ 19,398,971
23,057,567
26,678,148
26.174,371
33,992,039
34,795,312
264 277
Assets:
Cash & Investments
Receivables
Property Taxes
Other Taxes
All Other
Due From Other Funds
Due From Other
All Other Assets
Total Assets
Liabilities & Fund Balance
Accounts Payable
Deferred Revenues
Property Taxes
All Other Liabilities
Fund Balance:
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total Fund Balance
Total Liabilities & Fund
Balance Sheet - December 31
2017 2018 2019 2020 2021
$ 14,814,727 $ 16,672,691 $ 20,838,531 $ 20,649,384 $ 29,375,181
16,333,702
16,290,898
16,545,722
16,397,406
16,259,186
6,220,011
7,994,192
8,518,372
7,968,423
9,859,038
417,856
371,481
359,574
305,811
312,830
92,845
22,254
-
-
-
186,629
49,471
48,570
48,244
92,748
261,219
220,065
370,162
906,902
2,143,866
$ 38,326,989
$ 41,621,052
$ 46,680,931
$ 46,276,170
$ 58,042,849
$ 1,463,624
$ 957,709
$ 517,940
$ 606,869
$ 773,678
16,333,702
16,290, 898
16,539,009
16,354,772
16,156,364
1,130,692
1,314,878
2,945,834
3,140,158
6,317,495
261,219
220,065
370,162
381,902
342,372
-
-
3,393,000
2,300,000
-
- - - - 3,700,000
19,137,752 22,837,502 22,914,986 23,492,469 30,752,940
$ 19,398,971 $ 23,057,567 $ 26,678,148 $ 26,174,371 $ 34,795,312
$ 38,326,989 $ 41,621,052 $ 46,680,931 $ 46,276,170 $ 58,042,849
Notes: 1. This condensed financial information for the years ending December 31, 2017-2021 has been excerpted
from the full Annual Comprehensive Financial Reports of the Village. The accounting policies of the
Village conform to GAAP and are disclosed in the audited financial statements. A summary of some of
the policies are: The General Fund is accounted for using the modified accrual basis of accounting.
Revenues are recognized when they become measurable and available as net current assets.
Expenditures are generally recognized when the related fund liability is incurred.
265 278
COMBINED STATEMENT -ALL FUNDS (Note 1)
Fund Balances 2017-2021 and Summary 2021 Revenues, Excess Revenues and Fund Balance
(Fiscal Years Ended December 31)
Fiscal Year Ended December 31, 2021
Revenue Incl. Transfers
Property
Governmental Fund Types (2): 2016 2018 2019 2020 Tax
Total
Revenue
Over
(Under) Fund
Expenditures Balance
General Fund *
S 19,398,971
23,057,567
26,678,148
26,174,371
$ 16,397,087 $ 69,062,691
$ 8,620,941
$ 34,795,312
Special Revenue Funds:
Debt Service *
184,195
4,150,506
3,455,359
3,126,865
2,690,171
5,344,908
Motor Fuel Tax
$ 2,744,472
2,431,135
2,465,613
3,789,560
S- $ 3,326,954
$ 690,720
$ 4,480,280
Community Development Block Grant
-
-
-
-
- 703,509
-
-
Refuse Disposal
1,442,645
1,320,754
1,167,139
1,020,102
- 4,889,774
70,948
1,091,050
Asset Seizure
172,908
141,255
135102
120,643
- 783
(15,138)
105,505
DEA shared Funds
20,194
20,308
SU45
51,989
- 5,883
5,883
57,872
DUI Fines
140,928
137373
143,435
149,962
- 2,811
(1,285)
148,677
Foreign Fire Tax Fund
352,423
398,231
438,552
413,755
- 102,357
65,059
478,814
Rosiness District Fund
-
-
-
-
- 1,473,245 -
-
-
Police &Fire Building Construction*
-
31,720,180
14,141,970
44,134
- 126
(44,133)
-
Prospect/Main TIF*
3,945,027
698,930
8,532,044
25,991
1,348,000 1,483,668
369,790
395,781
Total Special Revenue
8,818,597
36,868,166
27,074,400
5,616,136
$ 1,348,000
$ 11,989,110
1,141,843
6,757,979
Debt Service *
184,195
4,150,506
3,455,359
3,126,865
2,690,171
5,344,908
(1,344,380)
1,782,485
Capitol Projects (3)
3,579,214
5,577,761
5,662,051
5,521,975
-
9,480,695
2,643289
8,165,264
Total Governmental
S 31,980,977
69,654,000
62,869,958
40,439,347
$ 20,435,258
$95,877,404
$ 11,061,693
$ 51,501,040
Proprietary & Fiduciary Fund Types
S 36,991,120
$ 69,755,579
$ 69,077284
$ 43,541,521
551,871,612
Capital Project Funds
3,209,472
5,949,833
Enterprise Funds (4):
5,325,291
7,948,358
Water &Sewer
7,577,274
12,425,604
19,536350
17,631,177
16,311,963
Water and Sewer *
41,327,962
40,157,409
38,571493
42,982,296
S-
$ 17,735,543
$ 2,165,0002
45,147,298
Village Parking System
704,700
725,953
549,156
430,837
-
56,289
(120,291)
310,546
Internal Service Funds (5)
19,736,825
21,115,612
22,226,789
23,618,874
-
15,088,678
2,133,730
25,752,604
Pension Trust Funds:
with General Fund
Police Pension
71,069,062
66.374,108
78,333544
86,908,231
-
16,144,827
9,566,101
96,474,332
Firefighter's Pension
66,265,340
62,398,530
71,227,941
80,459,469
-
11,456,030
4,557,759
85,017,228
Total Proprietary & Fiduciary
$ 199,141,779
$ 190,771,612
$ 210,909,923
S 234,399,707
S-
$ 60,481,367
$ 18,302301
$ 252,702,008
Total All Funds (Memo Only)
$ 231,122,756
$ 260,425,612
$ 273,779,881
S 274,839,054
$ 20,435,258
$ 156,358,771
$ 29,363,994
$ 304,203,048
* Designated as major funds.
Cash & Investments at 12/31 (6): 2017 2018 2019 2020 2020
General Fund
S 14,814,727
$ 16,672,691
$ 20,838,531
$ 20,649,384
529,375,181
Internal Service Funds
12,210,417
11,769,387
11,707300
13,783,192
14,008,929
Police & Fire Building Construction
-
31,708,378
17,938,945
153,863
-
Prospect & Main TIF
712,311
9,716,685
10,018
341,682
Other Special Revenue Funds
9,803,081
4,792,342
5,427,434
5,825,227
6,378,108
Debt Sen ice Funds
162,895
4,100,470
3,448,379
3,119,837
1,767,712
Subtotal
S 36,991,120
$ 69,755,579
$ 69,077284
$ 43,541,521
551,871,612
Capital Project Funds
3,209,472
5,949,833
6,261008
5,325,291
7,948,358
Water &Sewer
7,577,274
12,425,604
19,536350
17,631,177
16,311,963
Other Enterprise Funds
531,623
578367
576,470
446,638
327,112
Pension Trust Funds
137,068,690
128,571,320
149,345,705
167,194,366
181,536,181
Other Fiduciary Funds+
1,126,624
1,115,737
-
-
-
Total
S 186,504,803
$ 218,396,440
$ 243,797817
S 234,138,993
$257,995,226
+ Starting year 2019 Other Fiduciary Funds
are merged
with General Fund
266 279
Notes: 1. This condensed financial information for the years ending December 31, 2017-2021 has been excerpted
from the full Annual Comprehensive Financial Reports of the Village. The accounting policies of the
village conform to GAAP and are disclosed in the audited financial statements. A summary of some of
the policies are: All Governmental Funds are accounted for using the modified accrual basis of
accounting. Revenues are recognized when they become measurable and available as net current assets;
expenditures are recognized when the related fund liability is incurred. All Proprietary Funds and
Pension Trust Funds are accounted for using the accrual basis of accounting. The Village's Annual
Comprehensive Financial Report for the year ended December 31, 2021 included an unmodified
"Independent Auditor's Report". Similar unqualified/unmodified opinions were included in the
Village's Annual Comprehensive Financial Reports for the years ending December 31, 2017-2020. The
"Independent Auditor's Report" included in the latest audit states, in part:
"In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-iype activities, each major
fund, and the aggregate remaining fund information of the Village of Mount Prospect, Illinois, as of
December 31, 2021, and the respective changes in financial position and, where applicable, cash flows
thereof for the year then ended in accordance with accounting principles generally accepted in the
United States of America. "
2. The Village's property tax revenue recognition policy conforms to the provisions of "NCGA
Interpretation 3, Revenue Recognition Property Taxes." The current net tax levy receivable is
recognized in the balance sheet along with a corresponding amount of deferred revenue. In addition,
the debt service payments and liabilities related to the current net tax levy are not reflected in the Debt
Service Funds; the un -matured principal is reflected in the General Long -Term Debt Account Group.
3. Includes the Capital Improvement Fund, which accounts for the resources used to provide for mid-
sized capital projects. Financing is provided by one-quarter cent home rule sales tax, developer
contributions, interfund transfers, investment income, and bond proceeds.
4. Fund balances shown for the Enterprise Funds are total fund equity, including contributed capital and
retained earnings, and the column "Revenue Over Expenditures" represents the change in that
amount.
5. The Village has created a new Police and Fire Building Construction fund during the year 2018. This
fund is created to account for bond proceeds and construction cost associated with new Police and
Fire buildings.
6. The Village created a Risk Management Fund in 1984 to account for the servicing and payment of
claims for liability, property, casualty coverage and Workers' Compensation. Financing is provided
by charges to the various Village funds. The Village created a Vehicle Replacement Fund in fiscal
year 1991 to account for the acquisition and depreciation of Village vehicles. Financing is provided
by charges to the General, Water and Sewer, and Parking Funds. The Village created a Vehicle
Maintenance Fund in 1996 to account for maintenance and repair of all Village vehicles except Fire
Department vehicles. In 1997, the Village created a Computer Replacement Fund to account for the
acquisition and depreciation of Village computer hardware.
7. Excludes agency funds.
267 280
CAPITAL ASSETS (Note)
(December 31, 2021)
Note: Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges,
storm sewers, and similar items), are reported in the applicable governmental or business -type activities
columns in the government -wide financial statements. Capital assets are defined by the Village as assets
with an initial, individual cost of more than $20,000, except for infrastructure for which the cost is
$50,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or
estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated
fair market value at the date of donation.
268 281
Governmental
Business Type
Activities
Activities
Capital Assets Not Being Depreciated
Capital Assets Not Being Depreciated
Land
$ 15,612,320
Land
$ 17,318,818
Construction in Progress
$ 9,632,988
Construction in Progress
$ 2,025,897
Total Assets Not Being Depreciated
$ 25,245,308
Total Assets Not Being Depreciated
$ 19,344,715
Capital Assets Being Depreciated
Capital Assets Being Depreciated
Buildings
$ 79,648,759
Buildings and Improvements
$ 4,499,808
Improvements Other Than Buildings
1,516,920
Equipment
5,017,968
Infrastructure and All Other
116,789,872
Infrastructure
42,662,321
Total Capital Assets Being Depreciated
$ 197,955,551
Total Capital Assets Being Depreciated
$ 52,180,097
Less Accumulated Depreciation
$ 103,858,838
Less Accumulated Depreciation
$ 23,202,903
Total Capital Assets Being Depreciated, Net
$ 94,096,713
Total Capital Assets Being Depreciated, Net
$ 28,977,194
Net Assets
$ 119,342,021
Net Assets
$ 48,321,909
Note: Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges,
storm sewers, and similar items), are reported in the applicable governmental or business -type activities
columns in the government -wide financial statements. Capital assets are defined by the Village as assets
with an initial, individual cost of more than $20,000, except for infrastructure for which the cost is
$50,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or
estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated
fair market value at the date of donation.
268 281
C@ii.RTIFIF-D PUBIACJ ACCOUNTANTS
June 6, 2022
The Honorable Mayor
Members of the Board of Trustees
Village of Mount Prospect, Illinois
668 N. RIVER ROAD • NAPERVIILLE, ILLINOIS 60563
PHONE_ 630.393.1483 FAX 630.393.2516
www.la«toirba-aohame n.uo m
We have audited the financial statements of the governmental activities, the business -type activities, each major
fund, and the aggregate remaining fund information of the Village of Mount Prospect (the Village), Illinois for the
year ended December 31, 2021. Professional standards require that we provide you with information about our
responsibilities under generally accepted auditing standards (and, if applicable, Government Auditing Standards
and the Uniform Guidance), as well as certain information related to the planned scope and timing of our audit.
We have communicated such information in our letter to you dated June 6, 2022. Professional standards also
require that we communicate to you the following information related to our audit.
Significant Audit Findings
Qualitative Aspects of Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies. The significant
accounting policies used by the Village are described in the Note I to the financial statements. No new accounting
policies were adopted and the application of existing policies was not changed during the year ended
December 31, 2021. We noted no transactions entered into by the Village during the year for which there is a lack
of authoritative guidance or consensus. All significant transactions have been recognized in the financial
statements in the proper period.
Accounting estimates are an integral part of the financial statements prepared by management and are based on
management's knowledge and experience about past and current events and assumptions about future events.
Certain accounting estimates are particularly sensitive because of their significance to the financial statements and
because of the possibility that future events affecting them may differ significantly from those expected. The most
sensitive estimates affecting the governmental and business -type activities' financial statements were:
Management's estimate of the depreciation expense on capital assets is based on assumed useful lives of
the underlying capital assets, the net pension liabilities/(assets) are based on estimated assumptions used
by the actuary, the total OPEB liability is based on estimated assumptions used by the actuary, and the
asset retirement obligation is based on historical costs for similar abandonments, adjusted for inflation.
We evaluated the key factors and assumptions used to develop the depreciation expense, net pension
liabilities/(assets), the total OPEB Liability, and asset retirement obligation estimates in determining that
it is reasonable in relation to the financial statements taken as a whole.
The financial statement disclosures are neutral, consistent, and clear.
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing our audit.
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during the audit,
other than those that are clearly trivial, and communicate them to the appropriate level of management. Any
material misstatements detected as a result of audit procedures were corrected by management.
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Village of Mount Prospect, Illinois
June 6, 2022
Page 2
Significant Audit Findings - Continued
Disagreements with Management
For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing
matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the
auditor's report. We are pleased to report that no such disagreements arose during the course of our audit.
Management Representations
We have requested certain representations from management that are included in the management representation
letter dated June 6, 2022.
Management Consultations with Other Independent Auditors
In some cases, management may decide to consult with other accountants about auditing and accounting matters,
similar to obtaining a "second opinion" on certain situations. if a consultation involves application of an
accounting principle to the Village's financial statements or a determination of the type of auditor's opinion that
may be expressed on those statements, our professional standards require the consulting accountant to check with
us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations
with other accountants.
Other Audit Findings or Issues
We generally discuss a variety of matters, including the application of accounting principles and auditing
standards, with management each year prior to retention as the Village's auditors. However, these discussions
occurred in the normal course of our professional relationship and our responses were not a condition to our
retention.
Other Matters
We applied certain limited procedures to the required supplementary information (RSI) that supplements the basic
financial statements. Our procedures consisted of inquiries of management regarding the methods of preparing the
information and comparing the information for consistency with management's responses to our inquiries, the
basic financial statements, and other knowledge we obtained during our audit of the basic financial statements.
We did not audit the RSI and do not express an opinion or provide any assurance on the RSI.
We were engaged to report on the other supplementary information and supplemental schedules, which
accompany the financial statements but are not RSI. With respect to this supplementary information, we made
certain inquiries of management and evaluated the form, content, and methods of preparing the information to
determine that the information complies with the accounting principles generally accepted in the United States of
America, the method of preparing it has not changed from the prior period, and the information is appropriate and
complete in relation to our audit of the financial statements. We compared and reconciled the supplementary
information to the underlying accounting records used to prepare the financial statements or to the financial
statements themselves.
We were not engaged to report on the introductory section and statistical section, which accompany the financial
statements but are not RSI. Such information has not been subjected to the auditing procedures applied in the
audit of the basic financial statements, and accordingly, and we do not express an opinion or provide any
assurance on it.
283
Village of Mount Prospect, Illinois
June 6, 2022
Page 3
Restrictions on Use
This information is intended solely for the use of the Board of Trustees and management of the Village and is not
intended to be, and should not be, used by anyone other than these specified parties.
We wish to express our gratitude to the Board of Trustees and staff (in particular the Finance Department) of the
Village of Mount Prospect, Illinois for their valuable cooperation throughout the audit engagement.
zda&4" & t OWN, .2-2, P
LAUTERBACH & AMEN, LLP
284